Good morning everyone. By now you have likely heard about the changes in the latest #budget regarding the #PTT. Here is what we know.
Happy Clients getting some unexpected Cost$$ Cut!
Good morning everyone. By now you have likely heard about the changes in the latest #budget regarding the #PTT. Here is what we know.
Re: Property Transfer Tax Changes
http://www.cknw.com/2016/02/16/housing-msp-key-items-in-budget-2016/
1. There are no changes to the first time home buyer exemption limits;
2. All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;
3. PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.
SHANNON BABCOCK
Buy Smart. Sell Smart.
Royal Lepage Wheeler Cheam Realty
www.shannonbabcock.com
Cell: 604-795-1081