Excellent news for First Time Home Buyers:
Effective February 19th 2014, the government of British Columbia is raising the threshold of the Property Transfer Tax for First Time Home Buyers by $50,000!
Property Transfer Tax (PTT) is a tax payable by Home Buyers when purchasing a property. PPT is charged at a rate of one percent for the first $200,000 and two percent on the remaining portion of the fair market value for a property.
This translates to First Time Home buyers now being exempt of the PPT when purchasing a property valued up to $475,000 compared to the previous lower threshold of $425,000.
Partial exceptions will also be increased from $450,00 to a new threshold of $500,000.
As of today, eligible buyers will be looking to save up to $7,500 when making that important first step onto the real estate ladder!
Contact me for more information and to answer any of your questions.