BC Government Reduces Tax Burden for 1st Time Home Buyers

Great news for the first time home buyers of British Columbia!!!

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On Tuesday BC Finance Minister Mike De Jong announced the new budget which he was calling "Boring, Balanced Budget" and there was some great news for BC first time home buyers, it was announced that the threshold for the Property Transfer Tax for first time home buyer would be increased from $425,000 to $475,000 and the partial exemption continues for homes from $475,000 to $500,000.

The PTT for first time home buyers is calculated at a rate of 1% on the first $200,000 and 2% on the balance of the purchase price.

Here is a video review of the announcement of the BC budget:

Are you a first time home buyer?  Are you looking for more information on the Property Transfer Tax?
Feel free to contact me with all your Real Estate questions:
Adam Knight - Century 21 In Town Realty - 604.916.9940 - adamknightrealty@gmail.com 

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