Changes-to-the-First-Home-Buyer's-Program

Changes to the First Home Buyer’s Program

Changes to the First Home Buyer’s Program, making owning a first home a bit more affordable. The program reduces or completely eliminates the amount of property transfer tax a home buyer must pay when they purchase a home. 

The threshold for the Property Transfer Tax exemption has been increased from $425,000 to $475,000, and a partial exemption is available for properties over $475,000.00 to $500,000.00.
Prior to the announcement, the First Time Home Buyer Exemption was capped in the Lower Mainland at $425,000.00 with a sliding scale between $425,000.00 and $450,000.00.

How is Property Transfer Tax calculated? 

The tax is 1% on the first $200,000.00 of the property's fair market value and 2% on the remaining fair market value of the property.
 

To be eligible, a first time home buyer must:
1. Be a Canadian citizen or permanent resident
2. Never have owned an interest in a principal residence anywhere in the world at any time

If you have any further questions
contact Carmen at 604-218-4846

Yours,

Carmen Leal  *Real Estate Services      
 Macdonald Realty Ltd.
 Website: www.carmenleal.ca  www.yaletownstudios.com
 Email: carmen@carmenleal.ca
 Direct: 604-218-4846

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