If you are buying Real Estate as a first time buyer your property search criteria just got bigger – You can now buy up to $475,000 and pay no property taxes. That saves you $7500.00!
The government has announced, effective February 19, 2014 (TODAY), under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.
The partial exemption continues and will apply to homes valued between $475,000 and $500,000. Call us for the info on partial savings! With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.
Here is a link to the full program: http://www2.gov.bc.ca/gov/topic.page?id=BBD16E2D7C1841A7BBD420E3AC5380F1