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Ontario helping first-time homebuyers

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Real Estate Professional | 14 Nov 2016, 02:12 PM Agree 0
The province is giving a larger tax break to certain buyers, but hiking taxes for others
  • Big Mike | 14 Nov 2016, 02:34 PM Agree 0
    Really, only $2000. I was expecting something much bigger. Why not eliminate land transfer tax for first time home buyers? With resale prices so high, the province is making a fortune on land transfer tax, and with the increase to homes over $2 million, I'm sure they'll make up the difference.
  • Jon in T.O. | 14 Nov 2016, 02:43 PM Agree 0
    What a lousy rebate. It really isn't even worth talking about. The bigger problem is that the prices have affected buyers with high ratio mortgages so drastically that they fall into the high cost categories 90%, 95% and have to pay the higher premiums, which are way more than $2000.00.
  • Lorie | 14 Nov 2016, 03:07 PM Agree 0
    Guess I am from a different school of thought - a gift of $4000 on closing costs is exactly that a gift. Be thankful instead of complaining - that taxation money has to be made up somewhere and the rest of us our paying.
  • Trump that! | 14 Nov 2016, 03:29 PM Agree 1
    Again the government punish the rich. As if they raise the tax on $2 million dollar homes. The fact that a home is being purchased at this price point, there are many tax paying professions that will benefit from this sale. Realtors, Lawyers, regular land transfer, banks, insurance, renovation materials and labourers. The list goes on. Now if first time home buyer are buyer $700,000 homes, they can afford the tax as well. Otherwise do like the rest of Canadians, find a home you can afford in a more affordable community or simply, rent.
    But of course, Government tends to think like the poor. The Government is always trying to take more. I by no means can afford a $2 Mil house, but when I can, it won't be in Ontario, or British Columbia with their racist tax laws.

    People in my area are loosing their $100,000 homes to the banks. What is really being done to help the people?
  • | 14 Nov 2016, 03:44 PM Agree 1
    "Why not eliminate land transfer tax for first time home buyers?"
    Love that Idea!
  • Toronto realtor | 14 Nov 2016, 03:55 PM Agree 0
    Reducing an already costly tax will in no way, shape or form have any direct affect on affordability, which is the real issue. There needs to be more effective measures in place to help first-time home buyers in pricier areas.
  • Tory | 14 Nov 2016, 04:38 PM Agree 0
    Do you believe that are helping first time homebuyer? I don't think so. New generation is screwed. My son finished university and with his salary hr can not afford to rent, not to buy a property.
    I think we are going to wrong direction. Outside investors are buying us, and our children will be their slaves. Young generation will be poor, without a house and this will have a huge impact to this country.
    The government thinks in which way to raise taxes everyday. My 24 years son has to pay over $400 monthly for car insurance, and plus and plus and plus. Do the math. How he will survive, how he will build a family?
    Government is killing the future of this country and out children will depend on us for life.
    Wrong....
  • | 14 Nov 2016, 04:50 PM Agree 1
    Government has absolutely no business in private industry. First of all, there should be no Land Transfer Tax to anyone!! What has the government done to deserve this tax? The government should also stay away from mortgage policy. Let the banks and other lenders decide the rules and suffer or benefit from their actions. We need less government intervention and regulation. Let the economic rules of supply and demand define the real estate market!
  • | 15 Nov 2016, 07:14 PM Agree 0
    This will do nothing. Sure $2000 less in closing costs however keep in mind the insurance premiums for 5% down mortgages (most first time home buyers) have gone up by 50% and that's the hidden closing cost that's added to the mortgage.
  • Jen | 19 Nov 2016, 07:16 AM Agree 0
    Wish Canada was like Australia.. they give 10,000-15,000 in rebates to first home buyers to get them on their feet. This can go towards anything they like.. furniture, landscaping exc.
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