Excellent News For First Time Home Buyers

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.


Ghazaleh Tehrani

Ghazaleh Tehrani

CENTURY 21 In Town Realty
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