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Ontario Government announces good news for first-time homebuyers
As a realtor who has worked with many first-time homebuyers over more than three decades in real estate, I’m happy to share good news for first-time buyers announced Nov. 14 by Ontario Finance Minister Charles Sousa.
Starting Jan. 1, 2017, the provincial government will double the existing land-transfer tax rebate for first-time buyers, from $2,000 to $4,000. Charles Sousa made the announcement as part of the Liberal Government’s fall economic statement.
“Purchasing your very first home is one of the most exciting decisions in a young person’s life, but many are worried about how they will be able to afford their first condo or house,” Charles Sousa said in his announcement.
“The government recognizes that it is an increasingly challenging time to enter the housing market, especially for young families.”
The increase in the rebate means that if  you are a first-time homebuyer, you will not have to pay land-transfer tax on the first $386,000 of the cost of your property.
That’s good news for buyers in Ottawa, where home prices are considerably more reasonable than they are in cities like Toronto and Vancouver.
In our market, the Ottawa Real Estate Board reported that the average sale price of a residential property that sold in ... more

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