You’re buying your first home and stressing over every penny you own. So how does an extra couple of thousand dollars sound?
We thought so. We’re so excited to announce that, earlier this week, the government confirmed that first-time buyers in Ontario are now eligible for a rebate of up to $4,000 to buy their first home. This is great news for first-time buyers looking at homes for sale in Burlington.
“This news came today as part of Ontario’s Fall Economic Statement. In the statement, Minister Charles Sousa committed to increasing the land transfer tax (LTT) rebate for first-time buyers from $2,000 to $4,000. The increase was done specifically to help first-time buyers enter the housing market,” said Valerie Miles, Chair of the 2016 OREA Government Relations Committee.
“Buyers can start claiming the rebate effective January 1, 2017.”
We’re proud to say that Ontario REALTORS® were a driving force behind lobbying for this break for Ontario’s families. We know exactly how stressful this process can be for first-time buyers, and are glad they are getting this much-needed help.
Ontario REALTORS® will keep fighting the good fight in Queen’s Park and want to help address the current lack of housing supply with the government.
What Does This Mean?
We can see two key benefits to this rebate:
Mo Money, Mo Money, Mo Money
The first is, obviously, your price range just increased by $2000.00. And that extra 2k can go a long way when you’re bidding against someone who isn’t eligible for the rebate. This is a nice little leg-up for first time buyers. So thank Ontario’s Realtors® if you win a bidding war by $2,000.00, OK?
You Can Now Buy a House For Xmas
The second benefit is this might give you a bit of an edge if you’re looking for a home between now and the new year. Forget Black Friday or Cyber Monday. THIS is the deal you want.
Most people don’t even consider selling or looking for a new home over the holidays. The weather is awful, the holidays-stress is looming, and they assume they should wait until the Spring to start the process.
This new rebate’s Jan 1st redemption date may push even more people’s focus on buying/selling into the New Year. That means you’re going to face very little competition for what is available between now and the end of 2016. This means potentially lower prices and faster closing times.
Let us Help You Love Your First Home
Let’s put that rebate to work, shall we? We specialize in helping first-time buyers find the perfect home in the perfect neighbourhood for their family. And we can help you.
Burlington is an amazing city for first-time buyers to start their new life in, and it was named the #1 medium-sized city in Canada, for the 4th straight year!
Click here to contact us to ask us any questions, or find out what’s available in Burlington right now!