What is a notable exemption for new homes regarding PTT?

The correct choice highlights a specific exemption related to the Provincial Transfer Tax (PTT) that applies to new homes. This exemption allows for homes with a fair market value (FMV) less than $750,000 to qualify, provided that the buyer moves in within 92 days of the purchase. This provision is designed to encourage home ownership and stimulate the real estate market by easing the financial burden on new homeowners.

This exemption reflects a recognition of the financial challenges that can accompany buying a new home and provides buyers with a time-sensitive incentive to finalize their move. The 92-day timeline is strategically established to promote timely occupancy, ensuring that the homes are utilized promptly.

In contrast, other options do not accurately capture the specific qualifying criteria for exemptions under PTT for new homes. For instance, while the FMV threshold in one option is relevant, it does not meet the requirement of the move-in period. The other options concerning post-sale purchases and first-time buyers do not align with the established regulations for exemptions, which specifically focus on the FMV and occupancy timelines.