Property Transfer Tax (PTT)
Qualifying first-time home buyers can now buy a home priced up to $500,000 and not have to pay the PTT effective today. (The previous threshold was $475,000). The partial exemption increases to $525,000 from $500,000. First-time homebuyers will save up to $8,000 in PTT, an increase of $500 over the former $475,000 threshold.
Home Owner Grant
Home owners of property worth up to $1.6 million will qualify for the Home Owner Grant.
Government will dedicate $293 million in PTT revenue to housing priority initiatives and other housing, rental or shelter programs.
Government will also continue administrating its previously announced $920 million in funding dedicated to the construction of 4,900 affordable housing units.
Partnering with local government
The government will partner with local governments to increase housing supply by providing funding to speed up housing development applications, approvals and permitting processes to facilitate increased density of family-oriented homes along transit corridors.
The small business corporate tax rate will be reduced to 2% from 2.5% as of April 1, 2017.
Real Estate Services Act
The Office of the Superintendent of Real Estate will get $9.7 million in funding – up from $4.2 million over the next three years. Funding will be through increased fees paid by real estate licensees, effective April 1.
Read the Budget Press Release
Read the Budget 2017