Property Transfer Tax for First Time Home Buyers
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In case you have missed it, the provincial government recently announced changes to the exemption limits for the First Time Home Buyer exemption.
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Prior to the change, the First Time Home Buyer Exemption was capped in the Lower Mainland at $425,000.00 and there was a sliding scale between $425,000.00 and $450,000.00. The new cap effective Feb. 19, 2014 is $475,000.00 and there is a sliding scale between $475,000.00 and $500,000.00.
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This news took us by surprise and is great news to hear. Hopefully this helps some of the first time buyers trying to get into the market.
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If you have any questions on how this can effect the purchase or a sale of a home, please feel free in contacting us.
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