Government reduces tax burden on first-time buyers
Great news today for first-time buyers!
"The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000."
This change has been long overdue and will be welcome by first time buyers.
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