Simplified, what does the new budget mean for our real estate market?
It is important to note that the First Time Home Buyer PTT exemption for RESALE properties remains unchanged and capped at 475K (sliding scale to 500k).
Property Transfer Tax (PTT)
• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and
• a partial exemption will apply on newly built homes priced $750,000 to $800,000.
• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.
These changes take effect today February 17, 2016. A…