QUESTION: My husband and I are looking at purchasing my parents home for
approximately $150,000 Cdn below the fair current market price in South
Surrey area. Is there any way to not pay property purchase tax with this
transaction? Is there a way to pay PPT at the agreed price vs fair market
value price if it has to be paid?
Thanks for your help.
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david ingram replies:
As long as the house is / was your parents' home and they have lived in it
for the past year or so (Maybe as little as six months) and it was not
rented to strangers when you bought it, there is no PPT payable.
Good luck
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