A re-elected PC government will take immediate action to remove financial barriers to homeownership by eliminating the Land Transfer Tax for first-time home buyers, Rochelle Squires, PC candidate for Riel, announced today.
“Too many Manitobans are struggling to make ends meet, let alone save up for the down payment and closing costs of buying their first home,” Squires said. “The unfair Land Transfer Tax hits young Manitobans hard, which is why our government will get rid of this hurdle and help make the dream of owning a home a reality.”
In Manitoba, homebuyers are required to pay a Land Transfer Tax, calculated on fair market value, as well as a registration fee. The Land Transfer Tax cost approximately $5,700 on the average detached single-family home sold in Winnipeg in July.
Squires noted it was a previous NDP government that created the Land Transfer Tax in 1987, currently among the highest in Canada, and which the NDP increased in 2004.
“Home ownership is the dream of every new and young Manitoban. But rising house prices and mortgage rates are pushing those dreams further and further out of reach,” said Squires. “While the federal NDP-Liberal coalition ignores the consequences of their inflationary deficits, only a PC government will continue taking action to permanently improve housing affordability in Manitoba.”
Sukhbaz Deol, a real-estate agent in Winnipeg, says eliminating the Land Transfer Tax will help young Manitobans, including himself, who are looking to buy their first home.
“Part of the Canadian dream is to own your own home. That dream is becoming harder with the price of everything going up,” said Deol. “Today’s commitment from the PCs will help people like me get into the housing market and achieve our dream.”
Eliminating the Land Transfer Tax builds on historic tax measures in Budget 2023, as well as new PC commitments to keep more money in the pockets of Manitoba families so they can make ends meet. That includes:
- lowering income taxes for all Manitobans by reducing the first provincial income tax bracket by half over the next four years—the equivalent of an extra paycheque each year; and
- increasing the Basic Personal Amount in 2023, resulting in an extra $75 per month in tax savings for Manitobans.
“I’m the son of immigrants, a university graduate, and I work as a home builder. But young people like me are finding it increasingly difficult to buy a house,” said Navraz Brar, the PC candidate for Burrows. “The NDP-Liberal coalition’s housing policies have been disastrous for Canada. While Manitoba is still more affordable than cities like Toronto and Vancouver, the PCs are the only party fighting to help first-time home buyers get into the housing market.”
The provincial election will be held on October 3, 2023.
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