Changes to the Property Transfer Tax

By now you should have heard about the changes in the latest budget regarding the Property Transfer Tax (ppt). Here is what our mortgage broker provided us regarding the recent changes. 

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; there is a partial exemption for homes between $750,000.00 and $800,000.00; note the buyer must be a Canadian citizen or a permanent resident

3. PTT has changed so that there is now a 3% tax on purchases over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.