Government reduces tax burden on first-time buyers

Effective February 19, 2014, qualified first-time buyers are exempted from Property Transfer Tax when buying a home valued up to $475,000 (increased from $425,000). Partial exemption continues to apply to homes valued between $475,000 and $500,000. The property transfer tax is calculated at a rate of 1% on the first $200,000 and 2% on the balance of the purchase price. For more information, please click here