Starting today and going forward the Property Transfer Tax has had some adjustments.
Basically...All buyers (whether first-time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value.There is a partial exemption for homes between $750,000 and $800,000. The buyer must be a Canadian citizen or a permanent resident.
PTT has changed so that there is now a 3% tax on amounts over $2,000,000. The 3% tax is only paid on the amount over $2,000,000 - not the full price.
There are no changes to the first-time home buyer exemption limits.
For a free information sheet on Property Transfer Tax please contact me.