Posted on
July 14, 2016
by
Chris Ball
Posted in
1 bedroom, 1 bedroom condo, bright condo, cambie, chris ball, condo, fairview condos, Fairview VW, Vancouver West Real Estate, homes, new home, on the ball real estate, penthouse, real estate, real estate, vancouver condos, vancouver real estate, vancouver westside real estate, westside condos, westside real estate
Posted on
February 18, 2014
by
Chris Ball
Posted in
cnadian realestate, federal budget, first time homebuyers, homes, Mount Pleasant real estate, property transfer tax, real estate, tax, Vancouver real estate, Vancouver real estate, Yaletown Real Estate
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 partial exemption continues and will apply to homes valued between $475,000 and $500,000.
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 home.
The government estimates this measure will cost $8 million in lost tax revenue each year.
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.
In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000.
In 2005, the government increased the threshold to $325,000 from $275,000.
The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.
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.
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