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!

January 4th - 2017

First-time buyers get a tax break

Effective January 1, first-time home buyers will get a financial break on the purchase of their new home that is double the previous amount.

First time home buyers get a tax break

Find out what’s new in real estate forms and clauses in 2017. Join OREA’s upcoming web seminar.

First time home buyers get a tax breakEffective January 1, first-time home buyers will get a financial break on the purchase of their new home with a rebate that is double the previous amount, the provincial government announced recently.

This is a huge saving for consumers and marks the culmination of advocacy efforts by the Ontario Real Estate Association (OREA) to help more young families afford a home. As announced in the fall economic statement in November, the provincial government committed to increase to $4,000 from $2,000 the amount of the rebate from the land transfer tax (LTT) to first-time home buyers. This news is the result of months of efforts by OREA lobbying Queen’s Park to make this change, which will help more people achieve their dream of home ownership.

Read the January EDGE
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“Finding an affordable home has become a struggle for thousands of young couples,” said Ray Ferris, president of OREA. “This tax break will reduce a first-time buyer’s closing costs and help them save more for their down payment. This means that our clients can now get $4,000 off of their first purchase, which is fantastic news for so many people trying to buy a home.”

“We’re thrilled that the government has listened to consumers and to us as REALTORS® on an issue that we’ve worked hard to highlight,” Ferris added. “We applaud the government for increasing the rebate so significantly.”

According to research commissioned for OREA by Altus Group Economics, an improved LTT rebate will have many positive financial consequences for the province, beyond just the tax break to first-time buyers. The study showed that a larger LTT rebate will create 5,000 jobs and $268 million in economic spinoffs. Moreover, research shows that home ownership contributes to families becoming happier and healthier and more involved in their communities.

“Home ownership changes you for the better,” said Tim Hudak, Chief Executive Officer of OREA. “It builds strong communities and stable neighbourhoods. A tax break for first-time buyers will give a lot of young families the leg up they need to get into home ownership. The government deserves credit for taking positive steps to address affordability. It’s encouraging news for that young couple looking to get into the housing market.”

For more information, read the full press release.

January EDGE
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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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