The changes to the PTT are as follows: Effective February 17, 2016, newly-constructed homes used as principal residences, up to $750,000, will be exempt from the PTT. A partial exemption will be available for new homes up to $800,000. This is for all buyers, not just first-time buyers. Further, the PTT rate is increased to 3% (from 2%) on the portion of a property’s fair market value above $2 million. Rates of 1% on the first $200,000 of a property’s fair market value and 2% on the fair market value between $200,000 and $2 million will continue to apply.