The government has announced some changes that will make it easier for first time home owners in the province to buy a house.
It was recently announced the land transfer tax rebate is going up from $2,000 to $4,000 for any first time buyers. These changes were announced as a part of the fall economic statement and will go into effect at the start of the New Year.
Temiskaming-Cochrane MPP John Vanthof says while this is good news, he’s not expecting too many more people to go out and buy houses. He adds this is great for people who were already thinking about buying a house, but says if it’s the difference between being able to make the purchase or not, the odds are your budget is a little too tight. Vanthof feels this will have more of an impact on smaller or rural communities where the cost of buying a house is a fraction of what it is in Toronto.
The MPP says another thing residents should be aware of is the fact that the government is trying to make changes to provincial land taxes that would directly impact unorganized townships. He says their taxes could be going up and now it’s just a matter of waiting to see if the bill passes.