Buyer's Tip
First Time Home Buyers
Great news for you first time home buyers! The government has recently amended the qualifications for exemption on the Property Transfer Tax (PTT - 1% on the first $100,000 and 2% on the remainder). Purchasers of their first home and primary residence could previously qualify for a full PTT exemption only if their property value was under $375,000, however now the limit has been increased to $425,000, with a partial exemption available for people purchasing in the range of $425,000-$450,000. On a property worth $425,000, this is a savings of $6,500. Previously first time home buyers were required to meet certain financing restrictions, however now there are no financing restrictions in place.