Property Purchase Tax - New Rules
Newly built homes priced up to $750,000.00 will be fully exempt from the property transfer tax when bought by Canadian citizens or permanent residents as a principal residence and lived-in for a full year. The measure aims to assist purchasers and stimulate the construction of moderately priced homes.
The exemption will save a Purchaser up to $13,000.00 and provide an estimated $75 million in property transfer tax relief for new construction in 2016-2017.
Call Carol for more information.
These “up-front” expenses are payable on or before the completion day of your purchase. It is possible that you could be exempt from some fees or some fees may be waived.
Property Transfer Tax
1% of the 1st $200,000, 2% on the balance of the purchase price.
Includes your lawyer’s fees & registration of mortgage and Certificate of Title and disbursements.
Most lenders require an appraiser’s report confirming that the purchase reflects fair market value. Depending on your down payment, some lenders will waive this requirement.
House Inspection Fee
It is the buyer’s option to have a home inspection to pinpoint defects. This is not a lending institution requirement.
Required by the Mortgagee as security for the loan. Strata properties are insured for contents and liability only.
Survey or Title Insurance
A survey accurately depicts the location of the house and outer buildings in relation to the property lines. Title insurance provides for no-fault protection against title risks.
Property Tax Adjustment
Based on the “adjustment date,” you may have to reimburse the Seller for his/her portion of the prepaid property taxes.
GST/HST – Goods & Services Tax
Only applicable on new housing.