1st time buyers

   First time homeowners have a generous exemption they are able to take advantage of. If you are a first time buyer and purchase an apartment, townhouse or house under $425,000, you will not have to pay the property purchase tax.  The property purchase tax is calculated as follows: 1% on the first $200,000 and 2% on the balance.

   If registration of title is to be as joint tenants and only one of you is eligible to apply for the exemption then you would only have to pay one half of the tax.