Great News For First Time Buyers!!!

Congratulations to all first time buyers, the government has just reduced the tax burden on your first property purchase.

As of today February 19th, 2014 under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption Program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

This means potential savings of up to $7,500.

PTT is calculated at a rate of 1% on the first $200,000 and 2% on the remaining value of the purchase price.

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