Tags: gta, mortgages, toronto housing market, toronto housing, housing rebates, rabates,
Buying a home in the GTA is expensive and too often buyers don’t take advantage of available rebates. There are a handful of rebates that could cushion the costly blow of buying and maintaining a home. Most of them come from one of the three levels of Government and are intended to motivate Ontarians to buy or care for their home in an efficient and responsible manner.
There are rebates for new homeowners, for homes that are more energy efficient and even rebates for homes that feature “smart” technology. Unfortunately, most don’t leverage these rebates mainly because they don’t know they exist.
In Ontario, homeowners could apply for a GST/HST rebate if they purchased, built or renovated a property. This rebate allows homeowners to recover some of the taxes that they paid towards the purchase. This even extends towards mobile and floating homes.
Prior to closing, the buyer will be saddled with the land transfer tax, which is based on a sliding scale that ranges from 0.5% to 1% based on the price of the property. First-time homebuyers are eligible for a rebate up to $4000. The lawyer should arrange for this rebate to be paid once the property is transferred to the buyer’s name.
Energy Efficiency Rebates
Homes need to be environmentally friendly and leave the smallest carbon footprint possible. To entice homeowners to convert their home to be more efficient, the Government offers rebates for owners who install and employ certain technologies that aid in making a home more efficient.
In 2017, Save on Energy and the Green Ontario Fund started offering a $100 rebate for those who purchase and install a smart thermostat. These modern thermostats allow owners to remotely control the temperature of their home. This technology learns your preferences and analyzes data to automatically adjust. They can also save help money by adjusting the temperature when no one is home.
Like efficiency rebates, Ontarians could apply for green renovation rebates. The province rolled out a new program where homeowners could receive thousands of dollars in rebates if they complied with renovations that meet certain green standards.
This program offers up to $7,200 in rebates and covers insulation, windows and heat pumps. The rebate can only be paid if the homeowner hires an approved contractor.
Every homeowner should be aware of available rebates and ensure they do everything in their power to receive the money they are eligible for.