First Time Home Buyer Property Transfer Tax Exemption raised from $475,000 to $500,000 for Qualified BC Residents

Fresh off the press today, is a change to the Property Transfer Tax waiver for First Time Home Buyers. The original limit for a full waiver was on a purchase price of $475k or less. The change announced earlier today will increase that limit to a $500k purchase price. You may still qualify for a partial exemption if the purchase is between $500k and $525k.  This is effectively immediately!  I'm sure this is welcomed news for some 1st-time buyers especially after the stress test qualification process announced late last year. Please don't hesitate to contact me at anytime if you have any real estate related questions.

 

See the full details of the program on the BC government website: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers.

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