News

CHANGES TO PROPERTY TRANSFER TAX

March 4, 2016

CHANGES TO PROPERTY TRANSFER TAX (PTT)

Finance Minister Michael De Jong announced key changes to PTT effective February 17, 2016;

If a Canadian citizen purchasing a newly built home, condo or townhome, you will be exempt from PTT for purchases under $750,000. Purchasers must live in the property for a minimum of 1 year. This is a potential savings of $13,000 !

PTT rate will increase from 2% to 3% on the purchase portion over $2 million

First time home buyers exemption will remain in place for homes under $475,000.

Lots: PTT does apply at purchase, however, if you can provide proof of completion within 1 year and will be owner occupied for a minimum of one year, PTT will be refunded.

For purchases under $2 million that are not new construction, PTT will remain 1% on the first $200,000 and 2% on the balance over $200,000.