If you're trying to find your first home, this might help make it a little more affordable!
Effective February 19, 2014, if you're a first time home buyer looking to get into the market, the BC Provincial Government has just announced that they have increased the full exemption maximum for the Property Transfer Tax from $425,000 to $475,000.
This means that first time home buyers can save up to $1,000 in tax during the closing of purchase, and help them work with a larger budget. The Provincial Government has also modified the scale from $475,000 to $500,000, which means that as the price increases from $475,000 to $500,000, the Property Transfer Tax will apply on a pro-rated basis.
If you are a first time home buyer and have questions about the Property Transfer Tax and what this means for you, contact me today and I can answer all your questions!
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