Ottawa, Canada, November 24, 2016 --(PR.com
)-- ReferralMortgages.com is pleased to announce some changes being implemented by the Ontario Minister of Finance that will put home ownership in reach of more Ontario first-time homebuyers and provide relief for some current homeowners. In a special statement released on November 14, 2016, the Ministry of Finance reported several items we would like to share with you, including that Ontario is projected to have balanced budgets next year despite incorporating programs to help improve the lives of its citizens.
Land Transfer Tax Credit to Double for First-Time Homebuyers
In an effort to allow more Ontario citizens to enter into homeownership, the current maximum land transfer credit of up to $2,000 dollars is being doubled to a maximum of $4,000. This means first-time homebuyers will not pay the land transfer tax on the first $368,000 dollars of the purchase price. For Ottawa residents, this is good news since the average sale price of a home has increased to $392, 570 dollars, according to the Ottawa Real Estate Board’s news release dated November 3rd, 2016. For ReferralMortgages.com clients purchasing homes priced at over two million however, there will be tax increases to offset the cost of the credit being given to first-time homebuyers.
Good News in Hydro Rebate Programs for Qualified Homeowners
Also making homeownership and daily life easier for Ontario residents are initiatives to bring down the exorbitant costs for hydro. For eligible residents, a rebate worth the equivalent of eight-percent of the Ontario portion of HST will be given. This includes eligible residential homes, farms and small businesses effective January 1st of 2017. Enhancements will also be made to the Rural or Remote Electricity Rate Protection Program, bringing the total savings up to approximately 20-percent when combined with the rebate program.
Relief from Aggressive Door-to-Door Sales
Under the envelope of consumer protection, aggressive door-to-door salespeople in home appliance sales such as hot water heaters, furnaces, air conditioners and water treatment will be banned. This means the high-pressure sales and aggressive techniques to force people into contracts that are not in their best interest will be outlawed.
ReferralMortgages.com is pleased to share these important proposals that are designed to make homeownership a reality for more Ontario first-time homebuyers, relieve some of the cost of electricity and provide you protection from aggressive sales tactics. To start making your homeownership dreams a reality or to explore options to make daily living more affordable, contact us about our wide array of mortgage products.