Thrilled to share the new budget increase in Property Transfer Tax Exemption for First Time Home Buyers!
On February 18, 2014, Finance Minister Mike de Jong presented the BC government's Balanced Budget 2014. It announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First Time Home Buyers' program, qualifying first time buyers can buy a home worth up to $475,000 while being exempt from the PTT.
The previous limit was $425,000. Full savings amount to $7,500. Yet, the partial exemption continues and will apply to homes valued between $475,000 and $500,000. (refer to PDF chart here)
With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their first home.
For more information, please visit: First Time Home Buyers' Program. Feel free to reach out to me if you or anybody you know has any questions about this.