By now, you might have heard about the changes in the latest budget regarding the property transfer tax.
Here is what we know:
•There are no changes to the first-time home buyer exemption limits
•All buyers (whether first-time buyers or not) no longer pay property transfer tax on purchases of new homes up to $750,000 in value
•Buyers must be Canadian citizens or a permanent resident
•There is a partial exemption for homes between $750,000.00 and $800,000.00
•Property transfer tax has changed so that there is now a 3% tax on amounts over $2,000,000.00 - the 3% tax is only paid on the amount over $2,000,000.00, not the full price
These rules are effective for homes closing as of February 17th, 2016 and going forward.
Have questions about PTT or need expert Real Estate advice? Call me, I'd love to help.
