First-time buyers are now going to be eligible for a rebate of up to $4000 in provincial land transfer tax and they won't pay any land transfer tax on the first $368,000 of a purchase price. While this is good news for first time buyers, the land-transfer tax rate on the amount of a purchase above $2 million will rise to 2.5 per cent, from the current rate of 2 per cent.
http://www.cbc.ca/news/canada/toronto/ontario-fall-economic-statement-charles-sousa-1.3849873Ontario
