The Liberals have announced a change to help first time home buyers in the province.
On Monday, the government announced Ontario is doubling the rebate on the land-transfer tax for first-time homebuyers to $4,000. It is also increasing the same tax on homes that sell for over $2-million by half a percentage point.
Half of first-time buyers won’t pay any land-transfer tax while the increase on homes over $2-million will impact less than one per cent of Ontarians.
The province says increases in revenues from the increase on luxury homes will help pay for the doubled rebates for first-time buyers.
The move comes amid concerns over the difficulty faced by first-time buyers trying to get into the housing market, especially in the Greater Toronto Area where the latest data shows the average price is $762,975.
Also announced Monday where plans to freeze the property tax on apartment buildings while it reviews how it impacts rental market affordability.