Great news for first time home buyers!
With the new rebate on the land-transfer tax for first-time home buyers, half of the buyers entering the housing market are likely NOT to pay any land transfer tax to the province. The amount will increase to $4,000. As more focus is put towards home ownership in Canada’s long term financial security, this new rebate will aim to solve the fall in economic statement.
We don’t want you to miss out on any information that can help smoothen your buying experience. Here is a summary of First Time Buyer Statistics in 2015.
– 55 % bought fully detached homes
– 62% of first-time buyers purchased with a partner/spouse
– 80% bought existing re-sale homes
– 86% of millennials want to “own a home”