Give it up for first time buyers!
Provide land transder Tax Relief to first time buyers and help maintain houseing market momentum.
The WinnipegREALTORS® MLS® market alone in 2009 represented approximately $500 million in economic spin-offs from transactions worth $2.5 billion.
Encourage our young people to stay in Manitoba by offering them a first time home buyer exemption like B.C. or Ontario. Alberta and Saskatchewan do not have a LTT.
Adjust current Provincial Land Transfer Tax brackets and tax percentages to reflect more accurately the current housing market.
- $0 - $100,000 - .5%
- $100,000 to $200,000 - 1.0%
- $200,000 to $500,000 - 1.5%
Consider putting in a cap at the upper end of the housing market (e.g. no tax applicable over $500,000). This will be especially helpful to new home construction.
Please download the full 4-page PDF file to read this entire discussion paper.