First time home buyers PTT exemption

Feb. 26, 2008 | Market Update | By Aaron Rossetti

Under the new budget, as of February 20, 2008, first time home buyers can purchase real estate priced up to $425,000 without paying the Property Transfer Tax (PTT). Property Transfer Tax is a tax of 1% on the first $200,000 and 2% on the balance of the purchase price. The ceiling under the previous budget was $375,000. Home buyers of real estate priced up to $450,000 can claim a proportional exemption.

For more information about buying your first home please give us a call at 604.983.2518