Did You Know Buyers of 'New' Homes Can Save the Property Purchase Tax
The new home market is on fire, especially for condos and townhouse sales. As prices in the condo and townhouse market continues to increase and the sales activity starts to soar, any pricing relief is very welcome.
If you are planning to buy a new home [condo, townhouse or house] under $800,000 you can be eligible to save part or all of the Property Transfer Tax.
To qualify, the property (land and improvement) transfer must be registered at the Land Title Office after February 16, 2016 and you must be:
- an individual [not a corporation or other entity]
- a Canadian citizen or permanent resident [be prepared to prove it, you will be asked]
and the property…