Great news for First-Time Home Buyers this week:
The BC government has just announced that, effective February 19th, 2014, all qualifying First-Time Home Buyers are eligible for savings on their purchase of a home valued at $475,000 or less. Previously, the maximum home value to qualify for these incentives was only $425,000. With this increase, an anticipated 1,700 additional first-time home buyers every year will be eligible to save up to $7,500 in Property Transfer Tax (PTT). PTT is calculated at a rate of one percent on the first $200,000 and two percent on the balance of the purchase price.
To access more information about the BC Government's annual provincial budget and the associated changes to the PTT First-Time Home Buyer's Exemption Program, go to: http://www.bcbudget.gov.bc.ca/2014/default.htm
For an overview of the 2014 Provincial budget, click here.
If you are looking for a home in the Burnaby, New Westminster, Coquitlam and Surrey areas of Greater Vancouver do not hesitate to contact me as now is even a better time to start your search.