BC's 2008 Budget announcement raises Property Transfer Exemption for first time home-buyers to $425,000.
For the first time home-buyers dreaming of their first home some big news today that the threshold for the First Time Home-buyers Program Property Transfer Tax (PTT) exemption was raised from $375,000 to $425,000. This is particularly welcome news for Buyers looking to purchase in the City of Kelowna where its getting harder to find a home for under $400,000.
This now marks the third consecutive year that the province has raised the threshold in a minor effort to mitigate the decreasing level of affordability in B.C. real estate. The British Columbia Real Estate Association (BCREA) continues to campaign in Victoria for the complete or partial abolition of the PTT. This year the Province will put approximately one billion dollars into it's general coffers from this tax alone. The obvious question here is where exactly do these monies ultimately end up?
Sincerely,
Jason Neumann
Posted by Jason Neumann
on February 21, 2008