In an effort to help first-time homebuyers—but not hurt the equilibrium of housing markets outside of Toronto—the Ontario Liberal government announced today that they’ll double the first-time homebuyers’ maximum Land Transfer Tax refund to $4,000.

This increased rebate will take effect January 1, 2017 and will mean that eligible homebuyers in Ontario would pay no Land Transfer Tax (LTT) on the first $368,000 of their home’s purchase price.

“With the doubled refund, more than half of first-time homebuyers in Ontario would pay no LTT on the purchase of their first home,” explained Ontario Finance Minister Charles Sousa, during a press conference this afternoon.

Ontario doubles first-time homebuyer tax rebate