First Time Buyers Break

Unfortunately in Canada we have a thing called Tax.  You cannot get away from it.  As the old saying goes, Death and Taxes.  However in February of this year the government gave first time home buyers a break.  Previously all first time buyers were exempt from paying Property Transfer Tax (PTT) on all properties under $425,000.  Prices have obviously gone up over the years so the government has finally increased this amount up to $475,000.  Partial Exemptions exist from $475,000 to $500,000 and everything over the $500,000 mark will be hit with PTT.  The PTT is calculated at a rate of one percent on the first $200,000 and two percent on the remaining value of the purchase price.  If you have any questions regarding Property Transfer Tax or know of a first time buyer who is looking to get in the market do not hesitate to give me a call.  604-363-7858

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