Answers you must know on the NEW Property Tax Rules!
The following is an Update on the New PPT Rules from Merrily Hackett, the Managing Partner at Sutton Group - West Coast Realty.
A quick update below on the recent changes to the latest budget regarding the PTT as you are most likely fielding lots of questions:
1. How do these changes affect first-time buyer exemptions?
First time home buyer exemption limits have NOT changed
2. If my buyer purchases a home worth $770,000 is there a partial exemption?
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