Government reduces tax burden on first-time buyers

The government of BC recently announced changes to the limits for the First Time Home Buyer Exemption program. Qualified buyers may save on all or part of the Property Transfer Tax (PTT).

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

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.

For more details click here : http://www2.gov.bc.ca/gov/topic.page?id=BBD16E2D7C1841A7BBD420E3AC5380F1