Real Estate Outside The Box

Blog

Government reduces tax burden on first-time buyers

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000. 

In 2005, the government increased the threshold to $325,000 from $275,000.

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.

Here is a link to the Budget.: http://www.bcbudget.gov.bc.ca/2014/default.htm

New Listing 1870 Sasamat Street, Vancouver, BC


R2180081 - 1870 Sasamat Street, Vancouver, BC, CANADAView my new listing for sale at 1870 Sasamat Street, Vancouver and currently listed at $4,428,000.



New Listing 3968 W 32nd Avenue, Vancouver, BC


R2173972 - 3968 W 32nd Avenue, Vancouver, BC, CANADAView my new listing for sale at 3968 W 32nd Avenue, Vancouver and currently listed at $4,828,000.

Classic & Beautiful, completely renovated on one of Dunbar's most sought after streets. Tasteful, quality renovation from top to bottom. Just under 3,900 sq ft, this elegant home combines luxury with practicality. Main floor boasts large principal rooms, home office with custom built ins, oak flooring & high quality millwork. Gourmet kitchen with wolf range, sub zero fridge & large island opens up into spacious family room. 4 beds & 3 baths up featuring spa like master. Large rec room & spare room in basement, great hangout for the kids! Sunny south facing deck is summer ready. Walk to St. George's School, Pacific Spirit Park & Dunbar Village.

Recently Sold Listing 457 E 45TH AVENUE, Vancouver, BC


R2156025 - 457 E 45TH AVENUE, Vancouver, BC, CANADAI have just recently sold this listing at 457 E 45TH AVENUE, Vancouver.

Recently Sold Listing 307 2055 YUKON STREET, Vancouver, BC


R2162507 - 307 2055 YUKON STREET, Vancouver, BC, CANADAI have just recently sold this listing at 307 2055 YUKON STREET, Vancouver.

Recently Sold Listing 802 3061 E KENT AVENUE NORTH AVENUE, Vancouver, BC


R2154725 - 802 3061 E KENT AVENUE NORTH AVENUE, Vancouver, BC, CANADAI have just recently sold this listing at 802 3061 E KENT AVENUE NORTH AVENUE, Vancouver.

Recently Sold Listing 609 1288 MARINASIDE CRESCENT, Vancouver, BC


R2149877 - 609 1288 MARINASIDE CRESCENT, Vancouver, BC, CANADAI have just recently sold this listing at 609 1288 MARINASIDE CRESCENT, Vancouver.

Recently Sold Listing Ph2d - 2988 Alder Street, Vancouver, BC


R2142862 - Ph2d - 2988 Alder Street, Vancouver, BC, CANADAI have just recently sold this listing at Ph2d - 2988 Alder Street, Vancouver.

Recently Sold Listing 14719 16 Avenue, Surrey, BC


R2148411 - 14719 16 Avenue, Surrey, BC, CANADAI have just recently sold this listing at 14719 16 Avenue, Surrey.

Recently Sold Listing 204 - 8707 Hudson Street, Vancouver, BC


R2147914 - 204 - 8707 Hudson Street, Vancouver, BC, CANADAI have just recently sold this listing at 204 - 8707 Hudson Street, Vancouver.

Recently Sold Listing 701 - 8031 Nunavut Lane, Vancouver, BC


R2142700 - 701 - 8031 Nunavut Lane, Vancouver, BC, CANADAI have just recently sold this listing at 701 - 8031 Nunavut Lane, Vancouver.