Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

July 6th - 2004

No big changes for real estate in new budget

The new Ontario Liberal budget will have a greater impact on REALTOR pocketbooks than on the real estate profession.

The new Ontario Liberal budget will have a greater impact on REALTOR pocketbooks than on the real estate profession. The budget announced in May held few surprises as most of the many announcements affecting real estate had been previously released and are subject to an on-going consultation process. The effect of changes that include amendments to the Tenant Protection Act and legislation regarding municipal property taxes may not be felt for some time.

Individual REALTORS will be subject to the new Ontario Health Premium to support increased spending on healthcare as will all Ontarians. As for real estate firms, the budget proposes to hold the line on small business Corporate Income Tax rate and maintain the $400,000 exemption for Employer Health Tax.

Of particular note, the government did not move to implement changes to the current Land Transfer Tax Rebate Program. The Liberal's campaigned on a promise to amend the program to target rebates to "areas of intensification" which many interpreted to mean brownfield sites and urban cores.

Low-income first-time buyers of new homes will note the disappearance of the Ontario Home Ownership Savings Plan, but seniors will receive an increase in their property tax credit. The Ontario Property Tax Credit for seniors was established in 1992 to target assistance to seniors with modest incomes who own or rent their homes. Effective for 2004 and subsequent taxation years, the underlying "basic" property tax credit amount would be increased by $125, from $500 to $625. The maximum benefit available for the property and sales tax credits for seniors would be increased from $1,000 to $1,125.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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