Property Transfer Tax for First Time Home Buyers
In case you have missed it, the provincial government recently announced changes to the exemption limits for the First Time Home Buyer exemption.
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.
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.
If you have any questions on how this can effect the purchase or a sale of a home, please feel free in contacting us.

Posted by Tony Cikes on


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