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.

Fantastic Home just off Main Street

6 Bedrooms and only a kitchen to build downstairs for a mortgage helper

Welcome to the home you have been waiting for! Nestled in one of the most desirable streets of Mt Pleasant/Fraser corridor just steps to everything you want in a neighborhood community. Completely renovated with newer windows, plumbing, electrical, lighting & roof too! Main level features 3 bdrms, gourmet kitchen with S/S appliances, gas stove & double French doors leading out to a 2-tier 300 SF cedar deck. With an additional 3 bdrms below & walk through den you have endless options on how to utilize this desirable floor plan for a growing family or mortgage helper. Current owner using the whole house w/a 2nd kitchen ready to be put back in. Let the kiddies run on this large & extra deep lot surrounded by fruit trees & private garden oasis. Just steps to Main St shops & restaurants, only blocks from Riley Park & Hillcrest Comm Centre. School catchment: General Brock Elem, Charles Tupper Sec, L'Ecole Bilingue Elem, Laura Secord Secondary & Winston Churchill Secondary for French Immersion. An absolute must see!

Call Chris at 604-512-9208 for a private showing.

Majestic character home perfect for investor or family with income suite

This heritage home has 6 bedrooms, 3bathrooms, and 3 kitchen. The possibilities are endless!

Charming character home in the city's best kept secret- Strathcona. Community values, art crawls, festivals in the parks, cafes & diverse families are thriving in Vancouver's historic neighbourhood. Just walk through the streets & you will notice something special happening here. "Cottonwood" is a majestic 4 storey, early 1900's beauty with 6-7 spacious bdrms. Versatile as 3 separate suites or a single family home with mortgage helper. 33' wide lot with potential for laneway housing. Fall in love with the private backyard oasis, thoughtfully landscaped gardens & sitting areas canopied by a stately cottonwood tree. Close to dwntwn, Main St & The Drive.

For a private showing please call Chris at 604-512-9208