First Time Buyers Break

Unfortunately in Canada we have a thing called Tax.  You cannot get away from it.  As the old saying goes, Death and Taxes.  However in February of this year the government gave first time home buyers a break.  Previously all first time buyers were exempt from paying Property Transfer Tax (PTT) on all properties under $425,000.  Prices have obviously gone up over the years so the government has finally increased this amount up to $475,000.  Partial Exemptions exist from $475,000 to $500,000 and everything over the $500,000 mark will be hit with PTT.  The PTT is calculated at a rate of one percent on the first $200,000 and two percent on the remaining value of the purchase price.  If you have any questions regarding Property Transfer Tax or know of a first time buyer who is looking to get in the market do not hesitate to give me a call.  604-363-7858

No comments

Post Your Comment:

Posts By Date
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.