NEWS, NEWS, NEWS!
February 21st, 2007BUYER/SELLER 2008 PROVINCIAL BUDGET NEWS!Effective TODAY the fair market value threshold for eligible residential property under the First Time Home Buyers' program is increased to $375,000.00. This new threshold will apply throughout the Province.
A proportional exemption is provided for principal residences that have a fair market value up to $25,000.00 above the new threshold. This change eligible first time homebuyers can save up to $5,500.00 in property transfer tax on the purchaser of their home. The threshold for the phase out of the homeowner grant has been increased to $950,000.00 of assessed value up from $780,000.00 of assessed
A proportional exemption is provided for principal residences that have a fair market value up to $25,000.00 above the new threshold. This change eligible first time homebuyers can save up to $5,500.00 in property transfer tax on the purchaser of their home. The threshold for the phase out of the homeowner grant has been increased to $950,000.00 of assessed value up from $780,000.00 of assessed