First-time home buyers received welcome news in the February 18, 2014 provincial budget.
Effective for registrations on or after February 19, 2014, qualifying first-time buyers can buy a home worth up to $475,000 and not pay the Property Transfer Tax (PTT) under the First-Time Home Buyers’ Exemption program.
The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000.
Royal Pacific Realty Group sales representatives can take some credit for this tax break.
Last year, there was an important provincial election. The Real Estate Board of Greater Vancouver asked us to assist with their “Help reduce the PTT” campaign.
We sprang into action, spreading the word and asking candidates running for office to help reduce the PTT.
Congratulations to the Real Estate Board of Greater Vancouver for helping to lead this change.
Helping home buyers
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 PTT is charged at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.
For information, contact Andrew Peck, vice-president and general manager at firstname.lastname@example.org