Property Transfer Tax Changes

By now you should have heard about the changes in the latest budget regarding the PTT. Here is what we know.

1.            There are no changes to the first time home buyer exemption limits;

2.            All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;

3.            PTT 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.

Please let me know if I can help you understand any of the changes above! #mortgagelove

Michael James