BC Housing Budget makes buying and owning a home more affordable
VANCOUVER, BC - The changes to the Property Transfer Tax (PTT), the property taxannouncement and Home Owner Grant extensions in the BC government's 2007 Budget will put money in thepockets of first time buyers and existing homeowners throughout the province.
"Any move by the provincial government to make housing more affordable is fantastic news for BC consumers," says Rick Valouche, president of the Real Estate Board of Greater Vancouver. "We lobbied for a change toexisting Property Transfer Tax criteria for the past three years in our annual budget submissions to the provincial government and are ecstatic that the BC Liberals listened to our concerns."
British Columbian consumers will directly benefit from the following supports announced in this year's budget:
· The First Time Home Buyers' Program has been enhanced to exempt firsttime buyers across B.C. from paying the Property Transfer Tax on homes valued up to $375,000. This will save firsttime buyers up to $5,500;
· The Home Owner Grant threshold has been raised to $950,000 from $780,000;
· Extending eligibility for the Home Owner Grant to lowerincome seniors, regardless of their home's assessed value; and
· Introducing legislation to allow people to start deferring their property taxes at age 55 rather than age 60.
Across the Lower Mainland, these changes will result in about 500 more firsttime buyers annually entering the market, an increase of consumer spending of roughly $12 million annually and the creation of 150 jobs.
"Most firsttime buyers will mortgage their PTT amount. When amortized over 25 years, that $5,500 works out to costing them over $10,000. Thanks to the 2007 Budget, that money is theirs to keep," notes Valouche.
"What many people don't realize is that REALTORS® and your local real estate boards are the number one advocate for home buyers and sellers, and for existing homeowners as well. Without the changes in this year's budget, many seniors on fixed incomes could have lost their Home Owner Grants," explains Valouche. "This new legislation will also allow home owners to start deferring their property taxes at age 55, which means they will be able to keep their homes longer."
For more information on this topic or on the local and current real estate trends contact Alex Jopson.
Alex Jopson - Prudential Sterling Realty 604-626-1483 info@alexjopson.com Http://www.alexjopson.com
This information was taken from the Greater Vancouver Real Estate Board website.
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