I just received the following message from Tony Spagnuolo, Barrister & Solicitor regarding Property Transfer Tax Changes:
Good morning everyone. By now you should have heard about the changes in the latest budget regarding the PTT. Here is what we know.
1. There are no changes to the first time home buyer exemption limits;
2. All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;
3. PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.
These are effective for purchases closing today and going forward. We had one client close on a new home yesterday, and we believe they are out of luck. We also had one client that was to close today on a $4,000,000.00 purchase, but we moved the completion to yesterday to save the client $20,000.00 in PTT.
We will soon update the calculators on our website, but for now they are out of date.
Tony Spagnuolo, Barrister & Solicitor
Spagnuolo & Company Lawyers
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As you’re probably aware, the list price you set for your property has an impact on how quickly it sells — and how much you earn on the sale.
What you may not realize is just how significant an impact it has. Consider the following examples.
You price your property well above its current market value. As a result, many buyers don’t bother to see it because it’s outside of their price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, “What’s going on?”
In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to re-ignite interest.
You price your property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter?
Those points matter a lot.
On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That’s a serious amount of money!
So, as you can see, pricing your home right is serious business. Fortunately, a good REALTOR® knows how to set the right price.
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