TORONTO, ON--(Marketwired - November 14, 2016) - In its 2016 Fall Economic Statement, the Government of Ontario committed to increasing the land transfer tax (LTT) rebate for first-time home buyers from $2,000 to $4,000. The new LTT rebate will help more young families achieve their dreams of home ownership.
"Finding an affordable home has become a struggle for thousands of young couples," said Ray Ferris, president of the Ontario Real Estate Association (OREA). "This tax break will reduce a first-time buyer's closing costs and help them save more for their down payment."
According to research prepared by Altus Group Economics for OREA, an improved LTT rebate will create 5,000 jobs and $268 million in economic spinoffs. Research shows that home ownership contributes to families becoming happier and healthier, and enjoying improvements in their children's school performance.
"Home ownership changes you for the better," said OREA CEO Designate, Tim Hudak. "It builds strong communities and stable neighborhoods. A tax break for first-time buyers will give a lot of young families the leg up they need to get into home ownership."
"Premier Wynne and Minister Sousa deserve credit for taking positive steps to address affordability," said Hudak. "It's encouraging news for that young couple looking to get into the market. We look forward to continuing to work with the government to improve affordability by looking at other issues impacting prices, like supply."
Representing the 66,750 real estate brokers and salespeople members of Ontario's 40 real estate boards, the Ontario Real Estate Association (OREA) serves its members through advocacy, educational programs and special services. www.orea.com.