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If you are planning on purchasing a home with a down payment of less than 20% in the next few months, keep in mind that CMHC insurance premiums are going up starting May 1. Regardless of the completion date of your purchase, you will qualify for today's rates as long as your lender has applied for the insurance before May 1. If you are actively looking, consider making your target purchase date before May 1! Full details here: http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/moloin_013.cfm

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Effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.The partial exemption continues and will apply to homes valued between $475,000 and $500,000.


This means that anyone who is a first-time buyer will not have to pay the Property Transfer Tax if the home is purchased for up to $475,000. The Property Transfer Tax is 1% on the first $200,000 of the purchase price and 2% on the remainder.

 

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