Property Transfer Tax Exemption Changes
Property Transfer Tax is 1% on the first $200,000 and 2% thereafter up to $2M (higher PTT over $2M).
Prior to the change, PTT exemption for first time home buyers was up to $500,000, and a sliding scale from $500,000 to $525,000.
With the new rules there is the PTT exemption up to $500,000, However, any purchase from $500,000 to $835,000, we ignore the first $500,000 of purchase price. So it is the normal PTT minus $8,000.
For example, a first time home buyer purchases a property for $800,000. Normal PTT would have been $14,000 (1% on the first $200,000 and 2% thereafter). However, new rules would allow for a reduction in the PTT of $8,000, making total PTT equal to $6,000.
PTT Change on Newly Built Units from $750,000 to $1,100,000. This is for all owner occupied buyers, even if they are not first time home buyers.
*When it comes to taxes, always seek the advice of your account!
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