BC GOVERNMENT INCREASES THRESHOLD OF PROPERTY TRANSFER TAX FOR FIRST TIME HOMEBUYERS


Effective immediately, the Provincial government is increasing the threshold for the First-Time Home Buyers' exemption program for new home purchases on or after February 19, 2014. The threshold is being increased to $475,000 from $425,000, an exemption that can save first-time home buyers up to $7,500 when buying their first home (source: Real Estate Board of Greater Vancouver). Property transfer tax is calculated on the first 1% of first $200,000 and 2% of the remaining value of the home. And if you qualify for the First-Time Home Buyers’ exemption program, you may be eligible for either a full or partial exemption from the tax.

With interest rates at an all time low, coupled with the increased threshold for the home buyers’ program, it's never been a better time to get into the market, especially for first-time home buyers. Whether you’re looking for a two bedroom apartment at Kingston House in South Surrey, or a two bedroom townhome at Harvest in Abbotsford, we have several new homes that are eligible for the First-Time Home Buyer’s exemption program.

Give our sales team a call or visit any of our sales centres; we will be happy to answer any questions you may have about the First-Time Home Buyers' exemption program and help you find the home that is right for you.