Up to $7,500 relief for first time home buyers!
The BC Provincial government announced that the Property Transfer Tax (PTT) exemption threshold for first-time buyers will increase from $425,000 to $475,000.
According to the government’s own calculations, this measure will benefit about 1,700 additional first-time buyers by providing them with a potential tax savings of up to $7,500.
PTT is calculated on 1% of the first $200,000 plus 2% of the balance of the purchase price of the home.
2014 VREB (Victoria Real Estate Board) President Tim Ayres also notes:
“There are 1,361 homes that now qualify for the full PTT exemption, which is equivalent to almost 50 % of the 2,744 single family homes, condominiums and townhouses currently listed on our MLS® System in all VREB areas and price ranges. This includes an additional 201 homes that now qualify for the full PTT exemption, with a partial exemption / phase-out applying to another 148 homes that are priced between $475,000 and $500,000.”
For the detailed report on this, CLICK HERE.