REBATES DOUBLED FOR FIRST TIME HOME BUYERS!

Hooray! After many years of holding the first time buyer rebate at a fixed amount, the most recent announcement from the Government of Ontario is that starting on January 1st, 2017, a buyer who qualifies under the requirements of ‘first time buyer’ may receive up to a $4,000 rebate on the land transfer tax applicable to their real estate purchase!

It’s important to note how land transfer tax is calculated since the rebate is ‘up to $4,000’ and not just ‘$4,000’. Land Transfer Tax is currently calculated as the sum of the following: 0.5% on the first $55,000 of purchase price plus 1% of the next amount up to $250,000 plus 1.5% of the next amount up to $400,000 plus…plus…plus…

The long and short of it is that if you are buying a home up to $368,000, your land transfer tax should be rebated in full. This is especially great news in the rural areas south of Ottawa where the average purchase price is lower than $368,000.

So, what are the conditions of this rebate?

-You must be 18 years old or older.
-You must occupy the home as your principal residence within 9 months of closing.
-Can not have ever owned an interest in a home anywhere in the world. This also applies for your spouse, but there is an exception if your spouse has not owned a home while you have been married.
-The home must be residential property up to a fourplex.

You can read more here: You can read more here.

You can view the form for this rebate application and more information about definitions inherent to the form here.

Further information including an FAQ can be seen here: FAQ
You’ll find answers to questions like the following:

  • What if my parents need to be on title?
  • What happens when they are removed from title?
  • What happens if a spouse buys out the other during a separation?

 

The Oldford Team is here to help.  We want to be your resource for information about real estate in the rural areas south of Ottawa.  Call, email, or text us anytime to chat further about how we can help you because helping you is what we do at Royal LePage Team Realty!