Forum Archive

I am purchasing and doing a gut renovation on a property. The purchase price is less than $1M but I am taking out a renovation loan where the loan amount is over $1M (loan amount includes purchase plus a portion of construction costs). I have been told by 1 mortgage broker that mansion tax does not apply since the purchase price is less than $1M, but by another that it does since the loan is over $1M. In your experience who is right?