First-time home buyers received welcome news in tothis weeks provincial budget.
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Homes Buyers Exemption program, qualifying FTB can buy a home worth upto $475,000. The previous threshold was $425,000.
With this change, the government estimates 1,700 additional FTB will annually be eligable to save up to $7,500 in PTT when they buy a home.
The government also estimates this measure will cost around $8 million in lost revenues each year.
The Real Estate Board of Greater Vancouver, together with the BC Real Estate Association, has actively lobbied to make home ownership more affordable for FTB. This continued effort has now shown postive changes.
The PTT is calculated at a rate of 1% on the first $200,000. and 2% on any remaining balance of the purchase price.
If you are a first-time buyer and looking to purchase a condominium or town home, NOW is a great opportunity to increase your purchasing power!
Are you ready to buy, have you previously been pre-qualified for a mortgage.. Call TREVOR BARNETT today for service excellence that really will lift your spirits!
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