New Land Transfer Tax Rebates For First-Time Buyers

The finance minister announced that first-time buyer rebate on Land Transfer Tax is going to double from the current $2,000 rebate to $4,000.  The changes are to take place January 1st, 2017.

Under the current  rules, if you purchase a single family home up to $227,000, you will not have to pay any land transfer if you are a qualified first-time buyer. Under the new rules, you would not have to pay any land transfer tax up to $368,000. After $368,000 you would have to pay land transfer on the additional amount.

The government has implemented this to give first-time buyers a break. The recent mortgage changes as of October 17th of this year affected first-time buyers more than any other group with the new stress test. If you would like to learn more about the recent mortgage changes click here.

The government will be raising the Land transfer on homes over $2,000,000 dollars from 2% to 2.5%.

For more information on the new land transfer tax rebates for first-time buyers click here