Great news for current and first time home buyers in London, Ontario! Earlier this month, the Ontario Government announced that they would not be expanding the Municipal Land Transfer Tax (MLTT), which would have added yet another tax to homeowners. There is already the Land Transfer Tax (LTT) that is paid on top of the purchase price of your home, (and HST on the purchase of new construction) and this new tax would have nearly doubled the amount of tax.
Remember! If you are a first time homebuyer, you may be eligible for a full or partial refund on the current Land Transfer Tax when you buy your home. If you are a first time home buyer, you can click here to check out the government's website to see if you qualify.
The City of Toronto approved the taxation, and home owners have felt the crunch since it came into effect back in February 2008. When The Ontario Real Estate Association (OREA) was a strong advocate in opposition of the new municipal taxation and worked hard to reach out to current and potential homeowners across the province to spread the word on what may have transpired. Thousands of Ontarians (maybe even a few of you!) shared their opinion by sending letters and emails to local MPPs and sharing
To check out more about the MLTT and what could have transpired, check out this short video:
It's great that the taxation wasn't expanded, and the result is just another example of what a group of people can accomplish when they come together with a unified voice. Thanks to current homeowners and future homeowners like you who stood up and were heard, there won't be any MLTT in London, Ontario. Generations to come will be able to keep the dream of homeownership alive.
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Thanks for reading!