First Time Home Buyers Property Transfer Tax Exemptions and Home Owner Grants
Effective February 19, 2014 the threshold for the Property Transfer Tax (PTT) exemption for First Time Home Buyers has increased to $475,000 from $425,000. There is still a partial exemption for purchase prices between $475,000 and $500,000. The government estimates that about 1,700 first-time buyers will benefit with possible savings of up to $7,500 in PTT.
The other change pertinent to home ownership is related to the Home Owner Grant. The phase out of the Home Owner Grant is lowered to $1.1 million. For properties valued above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold.
If you have any questions please don’t hesitate to contact me.
Jerry Sims, AMP
TMG – The Mortgage Group Canada Inc.