Ontario is doubling the rebate on its land transfer tax for first-time homebuyers to $4,000 in an effort to help them enter the housing market, but it is also raising the same tax on homes that sell for over $2 million.
Finance Minister Charles Sousa said first-time homebuyers won't pay any land transfer tax on the first $368,000 of a purchase price after the changes take effect Jan. 1. He called the $4,000 rebates an "incentive" for would-be homeowners.
Progressive Conservative finance critic Vic Fedeli said the tax rebates would help some buyers, but called the plan a distraction for an unpopular government.
"This is like jingling keys in front of a baby," said Fedeli, "because instead of talking about their waste, mismanagement and scandals, they're talking about this smaller item." -courtesy metro news