Some relief coming to 1st time homebuyers
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.
The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.
With the cost of real estate in Vancouver and many areas of BC being so expensive, these are babysteps. However, any increase is of great help to 1st-time homebuyers, at least in this price point $475,000 and lower.