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First time home buyers see increase to the Property Transfer tax threshold

Blog by Nick Swinburne | February 22nd, 2014

This week's British Columbia budget saw changes to first time home buyer exemptions on the Property Transfer Tax.  When buying a home in BC, the buyer automatically pays the transfer tax.  For first time buyers this amount was waived for purchases up to $425,000.00.  This amount has now been increased to $475,000.00 with a pro-rated PTT in place up to $500,000.  For purchases over $500,000, the full amount of 1% on the first $200,000 and 2% on the balance with be in effect.

To qualify for the exemption, at the time the property title is registered you must be a Canadian citizen or permanent resident, have lived in BC for 12 consecutive months or filed a least 2 income tax returns as a BC resident in the last 6 years and have never received a first time home buyers exemption or refund.

For more information, please contact me or visit the Provincial Governments ‘First Time Home Buyer’s Program’ page.