Are you a first-time home buyer?
You are receiving great news today! The provincial government has reduced the tax burden for first-time buyers. This is effective as of February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyer’s Exemption program, qualified first time home buyers can now purchase a home worth up to $475,000. The previous threshold was $425,000.
The partial exemption of this program continues and will apply to homes valued between $475,000 and $500,000.
- 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy a home
- This measure will cost $8 million in lost tax revenue each year
- 2008, government increased threshold to $425,000 from $375,000
- 2005, government increased threshold to $325,000 from $275,000
PTT is calculated at a rate of 1% on the first $200,000 and 2% on the remaining value of the purchase price.
For the entire news article from REBGV on the government reducing the tax burden, click here.
This is big news for you as a first-time buyer! If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at firstname.lastname@example.org