"Building VALUE With Every Move"

Reduced tax burden for First Time Home Buyers

Good news for first time home buyers.  The government has announced effective February 19 (tomorrow), they will bring up the qualifying home for First time Homebuyers.  Under the Property Transfer Tax (PTT) First Time Home Buyers Exemption program, the qualifying home can worth up to $475,000 now then the previous threshold of $425,000.

There wil be a partial exemption between $475,000 and $500,000.  It was estimated that there wil be 1700 additional first time buyers who will be eligible annually to save up to $7500 in PTT when they buy their home, this will cost the government lost tax revenue of $8Million annually.

The Real Estate Board, together with BCREA, has been lobbying to make home ownership more affordable for first time home buyers for the past years.  As a result, in 2008, the provincial government increased the threshold from $375,000 to $425,000, in 2005, from $275,000 to $325,000.

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.

Subscribe to our mailing list

* indicates required
/ ( mm / dd )