The Ministry of finance made an announcement last week on the changes relating to residential property. Most people who own private properties would be happy to hear about this news as some measures have been relaxed.
Summary of changes:
1. Additional Buyer’s Stamp Duties (ABSD) and Loan to Value (LTV) Limits
While many people hope for the ABSD and LTV limits to be relaxed, the government is not doing so yet. This ABSD and LTV limits has been a pain point for people who want to purchase a second residential property. Sometimes the additional stamp duties and cash down payment required just makes it senseless to purchase another property. Interest rates are still low now so they will certainly not relaxed these measures. I would think when interest rates goes up further, then these measures will be relaxed.
2. Seller’s Stamp Duties (SSD)
The SSD will be relaxed in this …Read the full article →