Great news for First-Time Home Buyers!
The government has raised the Property Transfer Tax exemption threshold from $425,000 to $475,000.
Property Transfer Tax is calculated at a rate of 1% on the first $200,000 and 2% of the remaining value of the purchase price. Qualifying first-time home buyers will not have to pay this tax if the price of the property is less than $475,000. That’s a tax savings of up to $7500!
This is perfect timing for many people wanting to...
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