Fall Economic Update Comes With Bonus For New Home Buyers

Break on Land Transfer Tax For Some, Unless It's a Luxury Home You're Buying

First time home buyers will get a break, according to Ontario’s fall economic statement. Finance Minister Charles Sousa was front and centre at the provincial legislature with his update this afternoon, saying first time home buyers will become eligible for a rebate of up to $4,000 in provincial land transfer tax. That same tax will rise to 2.5 per cent on luxury homes around $2 million. A land transfer tax is levied on every new house or condo. Sousa today reaffirmed the 2016-17 deficit will be $4.3 billion, but claims he will bring in a balanced budget by 2017-18. The economic statement also includes measures such as $140 million in hospital spending to reduce wait times and $65.5 million towards new child care spaces.