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April 16, 2013

One of the most well known programs designed to help first time buyers is the Property Transfer Tax (PTT) exemption. PTT is a tax payable by buyers on most real estate transactions. It is calculated at 1% of the 1st $200K, 2% of the balance  – a substantial sum of money. First time buyers may be exempted from paying this tax as long as the purchase price does not exceed $425,000. From $425,000 upwards the amount of exemption decreases; the exemption is not available for homes priced at over $450,000. For many first time buyers, this saving is crucial to their ability to purchase their first home.

And remember, we build our real estate business with your referrals, one client at a time.


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