Working with first time buyers, especially those with a budget, have a hard time wrapping their head around Property Transfer Tax.  And because there is an exemption for first time buyers, first time buyers would do whatever it takes to avoid paying the property transfer tax.  Now when i first started real estate, it was easy to avoid paying the tax because the threshold was at moderate amount. And now with the market the way it is, its not easy to buy a property that meets that threshhold. 

So...first time buyers still did what it took to avoid paying this tax, which i don't necessarily agree with because that entaile getting into a property that doesn't fit their needs or getting into a sketchy building JUST to avoid paying the property transfer tax. 

I get it....nobody likes paying a tax of thousands of dollars that they can avoid.  But buying a property that doesn't suit your needs will determine if you're gonna sell your property in 1 or 2 years vs. selling your property in 5 years.  That also means wanting to sell your property at a time where you might lose money vs. selling at a time where you're likely to make money.  

So avoiding to pay the property transfer tax at all costs?  Not really an ideal strategy if you look at the long run.

The good thing is the rules for the threshold for property transfer tax has changed.  

The 500,000 threshold is still there for full exemption. But they increased the partial exemption threshold from 525000 to 860,000. 

So first time buyers....dont have to scramble just to save the property transfer tax. This takes place starting april 1. 

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