Government Increases Property Transfer Tax Exemption for 1st Time Buyers
-Full exception has been increased from $425,000 to $475,000.
-Partial exception has been increased from $450,000 to $500,000.(http://www2.gov.bc.ca/assets/gov/topic/832F32BF5E8FDB4CFF1A53E710BA6515/fthb_partial_exemption_table.pdf)
-Applicable on registration after February 19th, 2014.
These are huge in BC for first time buyers who can now look at larger spaces and higher price points while avoiding the substantial property purchase tax of 1% of the first $200,000 and 2% of the remainder. At the top of the threshhold the savings for first time buyers is $7,500.
I am sure we will see an increase in sales in the condo market which is already showing signs of recovering after a flat 5 years due to changes in lending policy for investors and home owners (20% down for investors & tougher qualifications for home owners to get funded).
Here is a link from BC Government with more information: http://www2.gov.bc.ca/gov/topic.page?id=BBD16E2D7C1841A7BBD420E3AC5380F1
If you have any questions please contact me at 604-562-0532.
Full exception has been increased from 425K to 475K Partial exception has been increased from 475K to 500K Applicable on registration after February 19th, 2014