Ontario REALTORS support grow ops registry bill November 25, 2010 -Ontario REALTORS® support private members Bill 139, Clandestine Drug Operation Prevention Act, 2010, introduced by MPP Lisa MacLeod to establish a marijuana grow operations and clandestine drug laboratory registry. “Grow-ops are major problem for homebuyers in the province and we have been urging the Ontario government to establish a registry to protect consumers for almost ten years,” said Dorothy Mason, President. “We urge the government to pass this bill in order to protect homebuyers.” REALTORS® are obligated by law to disclose to potential homebuyers if a home has been used as a marijuana grow-operation or a drug lab. Ontario REALTORS are hindered by the lack of a central registry which is crucial to protecting homebuyers from the potential health and safety hazards of properties formerly used to manufacturer clandestine drugs. Bill 139 defines a clandestine drug operation to be an illegal operation where any substance listed in the schedules I through IV in the Controlled Drugs and Substances Act of Canada can be obtained by any method or process. Clandestine drug operations cause significant damage to homes. For example, physical damage done to the house by excessive moisture leading to mould, chemical contamination, structural alterations and electrical rewiring leading to fire hazards. Often these homes received cosmetic renovations to disguise the fact they were marijuana grow-operations and consumer unknowingly purchases these homes. This can lead to loss of insurance for the property and exorbitantly high remediation costs. The Ontario Real Estate Association represents 49,000 brokers and salespeople who are members of the provinces 42 real estate boards. OREA serves its members through a wide variety of publications, educational programs and special services. The association provides all real estate licensing courses in Ontario. OREA was founded in 1922 to organize real estate activities and develop common goals across the province. These goals included promoting higher industry standards, protecting the general public from unscrupulous brokers and salespeople, and preserving private property rights. For more information contact: Bob McLean Director of Communication (416) 442-3407 info@orea.com
Land Transfer Tax Rebates (Provincial and Toronto)
Program
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.
Details
Provincial LTT
Provincial LTT is payable anywhere in Ontario (including Toronto)
Maximum provincial LTT first-time buyer rebate is $2,000 (equivalent to the provincial LTT payable on a $227,500 property).
For RESALE homes, the provincial rebate applies only to first-time buyers who entered into Agreements of Purchase and Sale AFTER December 13, 2007.
First-time buyers of NEWLY CONSTRUCTED HOMES are eligible for the provincial rebate even if they entered into Agreements of Purchase and Sale prior to December 13, 2007.
The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):
0.5% of the amount of the purchase price up to and including $55,000, plus
1% of the amount of the purchase price between $55,000 and $250,000, plus
1.5% of the amount of the purchase price between $250,000 and $400,000, plus
2% of the amount of the purchase price above $400,000 Toronto LTT
Toronto LTT is payable only for properties in the City of Toronto.
Maximum Toronto LTT first-time buyer rebate is $3,725 (equivalent to the Toronto
LTT payable on a $400,000 property).
ANY purchaser who entered into an Agreement of Purchase and Sale prior to December 31, 2007 is eligible for a FULL rebate of the Toronto LTT.
Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer qualifies for.
The Toronto LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):
0.5% of the amount of the purchase price up to and including $55,000, plus
1% of the amount of the purchase price between $55,000 and $400,000, plus
2% of the amount of the purchase price above $400,000 First-Time Buyer Eligibility
To be eligible as a first-time buyer for the provincial LTT rebate and/or Toronto LTT rebate,
The purchaser must be at least 18 years of age.
The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.
More Information
Provincial LTT: Ontario Ministry of Finance: 1-800-263-7965
Ontario REALTORS support grow ops registry bill
ReplyDeleteNovember 25, 2010 -Ontario REALTORS® support private members Bill 139, Clandestine Drug Operation Prevention Act, 2010, introduced by MPP Lisa MacLeod to establish a marijuana grow operations and clandestine drug laboratory registry.
“Grow-ops are major problem for homebuyers in the province and we have been urging the Ontario government to establish a registry to protect consumers for almost ten years,” said Dorothy Mason, President. “We urge the government to pass this bill in order to protect homebuyers.”
REALTORS® are obligated by law to disclose to potential homebuyers if a home has been used as a marijuana grow-operation or a drug lab. Ontario REALTORS are hindered by the lack of a central registry which is crucial to protecting homebuyers from the potential health and safety hazards of properties formerly used to manufacturer clandestine drugs.
Bill 139 defines a clandestine drug operation to be an illegal operation where any substance listed in the schedules I through IV in the Controlled Drugs and Substances Act of Canada can be obtained by any method or process.
Clandestine drug operations cause significant damage to homes. For example, physical damage done to the house by excessive moisture leading to mould, chemical contamination, structural alterations and electrical rewiring leading to fire hazards.
Often these homes received cosmetic renovations to disguise the fact they were marijuana grow-operations and consumer unknowingly purchases these homes. This can lead to loss of insurance for the property and exorbitantly high remediation costs.
The Ontario Real Estate Association represents 49,000 brokers and salespeople who are members of the provinces 42 real estate boards. OREA serves its members through a wide variety of publications, educational programs and special services. The association provides all real estate licensing courses in Ontario.
OREA was founded in 1922 to organize real estate activities and develop common goals across the province. These goals included promoting higher industry standards, protecting the general public from unscrupulous brokers and salespeople, and preserving private property rights.
For more information contact:
Bob McLean Director of Communication
(416) 442-3407
info@orea.com
Merry Christmas to everyone. All our wishes for a happy holiday!
ReplyDeleteChristine and John
Land Transfer Tax Rebates (Provincial and Toronto)
ReplyDeleteProgram
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.
Details
Provincial LTT
Provincial LTT is payable anywhere in Ontario (including Toronto)
Maximum provincial LTT first-time buyer rebate is $2,000 (equivalent to the provincial LTT payable on a $227,500 property).
For RESALE homes, the provincial rebate applies only to first-time buyers who entered into Agreements of Purchase and Sale AFTER December 13, 2007.
First-time buyers of NEWLY CONSTRUCTED HOMES are eligible for the provincial rebate even if they entered into Agreements of Purchase and Sale prior to December 13, 2007.
The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):
0.5% of the amount of the purchase price up to and including $55,000, plus
1% of the amount of the purchase price between $55,000 and $250,000, plus
1.5% of the amount of the purchase price between $250,000 and $400,000, plus
2% of the amount of the purchase price above $400,000
Toronto LTT
Toronto LTT is payable only for properties in the City of Toronto.
Maximum Toronto LTT first-time buyer rebate is $3,725 (equivalent to the Toronto
LTT payable on a $400,000 property).
ANY purchaser who entered into an Agreement of Purchase and Sale prior to
December 31, 2007 is eligible for a FULL rebate of the Toronto LTT.
Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer
qualifies for.
The Toronto LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):
0.5% of the amount of the purchase price up to and including $55,000, plus
1% of the amount of the purchase price between $55,000 and $400,000, plus
2% of the amount of the purchase price above $400,000
First-Time Buyer Eligibility
To be eligible as a first-time buyer for the provincial LTT rebate and/or Toronto LTT rebate,
The purchaser must be at least 18 years of age.
The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
The purchaser cannot have previously owned a home, or had any ownership
interest in a home, anywhere in the world, at any time.
If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.
More Information
Provincial LTT:
Ontario Ministry of Finance:
1-800-263-7965
Toronto LTT:
City of Toronto: 416-338-0338