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Take Advantage of Low Canadian Mortgage Rates Now - BC Government Tax Break Announcement

February 17th 2016 – BC government announced a step forward in tackling the issue of housing and affordability in the province, presenting a great opportunity to utilize lowest Canadian mortgage rates. A break in taxes for those who are purchasing newly built homes was brought into effect immediately. This means that residents of Canada who purchase a new home up to $750,000 will save up to $13,000 on P.T.T. (Property Transfer Tax), however they must reside in the property for a minimum residency of one year. This newly announced tax break will be offset by an increase in the tax for homes over $2 million, from 2% - 3%.
 
This announcement provides great reason for those to take advantage of lowest Canadian mortgage rates. In fact our BC Real Estate Association are welcoming the tax break saying “The P.T.T exemption for new homes up to $750,000 will help stimulate supply of new housing and provide more opportunities for home ownership across the province. This exemption is commendable, however with many new housing projects taking years to complete, it may not have the immediate impact desired by the government.” Finding your best mortgage broker to simplify the financing aspect will allow you to use this opportunity to your advantage. Take advantage of lowest Canadian mortgage rates and find your best mortgage broker.
 
The “Property Transfer Tax” has altered so that there is now a 3% tax on amounts over $2,000,000.00. This 3% tax is paid on the amount over $2,000,000.00, not the full price. 
 
The exemption will remain in place for homes under $475,000, for first time home buyers.