First-time Buyers Catch a Break With Property Transfer Tax
In February 2008, both the provincial and the federal governments introduced annual budgets. For the third consecutive budget, the BC government has increased the Property Transfer Tax (PTT) first-time buyer exemption price threshold.
First-time buyers can now buy a home priced up to $425,000 and not pay the PTT. The previous ceiling was $375,000. Buyers of homes priced up to $450,000 can claim a proportional exemption.First-time buyers can now pay down their mortgages by any amount in the first year of ownership without being disqualified from the exemption. Gone are the PTT financing rules that required buyers to have at least a 70 per cent mortgage and registered financing to qualify for the exemption.
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