PTT CHANGES 2008
For First time homebuyers ... The Property
Transfer Tax the dollar amount has changed from $375,000 to
70% Loan To Value Has Been Lifted.
Property Transfer Tax Act The following changes have been made, effective February 20, 2008:
• The fair market value
threshold for eligible residential property under the First
Time Home Buyers’ Program is increased to $425,000 from $375,000.
• First time home buyers are no
longer required to have registered financing in
order to be eligible for the exemption.
Home Owner Grant Act The following changes will apply for the 2008 taxation year:
• As announced previously, the
threshold for the phase-out of the home owner
grant is increased from $950,000 to $1,050,000. For properties valued above
the new threshold of $1,050,000, the grant is reduced by $5 for every $1,000
of assessed value in excess of the threshold (the grant is eliminated for
properties valued at $1,164,000 for homeowners in general and at a value of
$1,219,000 for seniors, veterans and the disabled).