Great News for first time home buyers

Effective for registrations on and afterFebruary 19, 2014(tomorrow), the Property Transfer Tax exemption threshold under the First Time Home Buyers’ Program is increasedto $475,000 from $425,000, with the partial exemption/phase out applying between $475,000 and $500,000.

The government estimates that approximately 1,700 first-time buyers will benefit this year, saving an average of $4,000 at a cost to government estimated at $8 million. 

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