Mortgage News Articles
19 February 2014|
Yesterday, the BC government announced changes to the First Home Buyer’s Program, which makes home ownership a little more affordable. This program reduces or eliminates the amount of property transfer tax a homebuyer must pay when they purchase their first home. The threshold for the Property Transfer Tax exemption has been increased from $425,000 to $475,000, and a partial exemption is available for properties over $475,000.00 to $500,000.00.
What is the Property Transfer Tax?
This tax is payable to the Provincial Government by purchasers of real estate and applies to all types of real estate.
How is Property Transfer Tax calculated?
The tax is 1% on the first $200,000.00 of the property's fair market value and 2% on the remaining fair market value of the property.
Are you eligible for the Property Tax Exemption?
To be eligible, a purchaser must:
- Be a Canadian citizen or permanent resident
- Never have owned an interest in a principal residence anywhere in the world at any time
- Have resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner
For more information visit the government website, First Time Home Buyers' Program.
Or contact our office.
Mortgage Broker Services Vancouver 604 669-6006
Mortgage Broker Services Canada 1-800-687-9020
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