New Property Transfer Tax Rules
Rule #1: New Construction
Property transfer tax for newly constructed homes under $750k is fully exempt if it is registered after Feb 16th, 2016.
Partial exemptions apply from 750k – 799k, and at 800k full tax applies.
Must be Canadian Citizen or Permanent resident.
Rule #2: Homes over 2 Million
Property transfer tax rate for over 2 million is now 3%
1% on first $200,000
2% on remainder up to 2 million
3% on remainder over 2 million
Rule #3: First time home buyers
1st time home buyers are still exempt up to $475,000
*assuming they meet qualifications
Partial exemptions apply from $475k – $499k
$500k and over, full tax applies
For the best rates or to talk about your options on a new or existing mortgage, contact us today!