Big changes in our province yesterday have some far reaching implications, both good and bad. Where homeowners are concerned, however, the NDP promises to make buying a home cheaper!
With the election of the NDP into office, homebuyers can look forward to the PC's staggering 600 percent increase to the Mortgage Tax being canceled.
The previous PC budget increased the variable Mortgage Tax and Land Transfer fees from $1 to $6 for every $5,000 of property value, as of July 1, 2015. It also increased the fixed fees for mortgages, land transfers, and land title registry searches. Homeowners need not worry about these costs anymore.
The NDP promises to cancel the PCs’ increases to variable and fixed mortgage and land transfer taxes, as well as the fee for searching the land titles registry. The total benefit of reversing these tax increases will be $160 million this year.
Let's wait and see what actually happens when the NDP gets into an office that has been held by the same party for 44 years. Big changes are ahead, but from the sounds of things, they aren't necessarily bad!
More information and the full story can be found here.
Let me know your thoughts!
Image courtesy of this site