The following changes were announced to the Property Transfer Tax Act:
- Effective April 1, 2024, the first-time home buyers’ exemption threshold is increased to a fair market value (FMV) of $835,000 (from $500,000), with the first $500,000 exempt from property transfer tax. The phase-out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000.
- Effective April 1, 2024, the newly built home exemption FMV threshold is increased to $1,100,000 (from $750,000). The phase-out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000.
- Effective for transactions occurring between January 1, 2025, and December 31, 2030, the exemption for new purpose-built rental buildings is enhanced. Generally, purpose-built rental buildings are those that are non-stratified and held as rentals on a monthly basis or longer for at least 10 years. Qualifying purchases will be exempt from the general property transfer tax. The residential portion of the building must be entirely used for rental purposes and contain at least four apartments.