Rising prices in the Toronto residential real estate market are making it harder for first-time buyers to acquire that new home. Beginning January 1, 2017, the government of Ontario will be increasing the maximum Land Transfer Tax rebate for first-time homebuyers from $2,000 to $4,000. This means that no provincial LTT will be payable on the first $368,000 for qualifying purchasers. For homes in excess of $368,000, eligible purchasers will receive the maximum refund of $4,000.
For purchases in Toronto, the municipal land transfer tax program remains unchanged.