Real Estate Outside The Box

Blog › April 2013

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

Recently Sold Listing 314 - 7055 Wilma Street, Burnaby, British Columbia


V1001756 - 314 - 7055 Wilma Street, Burnaby, British Columbia, CANADAI have just recently sold this listing at 314 - 7055 Wilma Street, Burnaby.

New Listing 314 - 7055 Wilma Street, Burnaby, British Columbia


V1001756 - 314 - 7055 Wilma Street, Burnaby, British Columbia, CANADAView my new listing for sale SOLD at 314 - 7055 Wilma Street, Burnaby and currently listed at $198,800.SOLD

Fabulous, spacious & bright one bedroom suite in a convenient location. New roof, new elevators, plumbing upgraded, exterior freshly painted, free laundry facilities, (2 per flr) & an onsite caretaker make this a smart buy. This 1 bedroom/ 1 bath suite features a beautiful new kitchen, new bathroom, insuite storage & a gas F/P for chilly nights. Facing south towards quiet green space, forested walking trails & parks. Leave the car parked-walk to transit, use the building's updated gym with sauna & stroll to High Gate's great shops, restaurants & all amenities. Great mixed demographic of long term residents, award winning courtyard with gazebo & pond, all in a pet friendly building. Nothing left to do but move in.

Recently Sold Listing 1488 W 54th Ave, Vancouver, British Columbia


V1001785 - 1488 W 54th Ave, Vancouver, British Columbia, CANADAI have just recently sold this listing at 1488 W 54th Ave, Vancouver.

New Listing 1488 W 54th Ave, Vancouver, British Columbia


V1024409 - 1488 W 54th Ave, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 1488 W 54th Ave, Vancouver and currently listed at $2,288,000.SOLD

Price to sell! Over 3100 SF on a bright south facing 50x122' lot. 5 bedrooms & 3 bathrooms up. (5th bedroom & ensuite separate from all other bedrooms, great for guest or nanny). Additional bedroom or office on the main. Large gourmet kitchen & eating area, designed by Tom Bakker, extends to large family & media rooms. Over $250,000 in upgrades - roof, windows, skylights, exterior siding all replaced. Beautiful sunny back yard with rebuilt double garage, plenty of storage. Easy access to UBC, Langara, Richmond & downtown. Close to the best schools & shops. Wonderful, quiet neighborhood.

See the Pixilink 360° Virtual Tour for this listing

New Listing 1488 W 54th Ave, Vancouver, British Columbia


V1001785 - 1488 W 54th Ave, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 1488 W 54th Ave, Vancouver and currently listed at 2288000.SOLD

Price to sell! Over 3100 sqft on a bright south facing 50' x 122' lot. 5 bedrooms and 3 bathrooms up. (5th bedroom and ensuite separate from all other bedrooms, great for guest or nanny). Additonal bedroom or office on the main. Large gourmet kitchen and eating area, designed by Tom Bakker, extends to large family and media rooms. Over $250,000 in upgrades -- roof, windows, skylight, exterior siding all replaced. Beautiful sunny back yard with rebuilt double garage, plenty of storage. Easy access to UBC, Langara, Richmond and downtown. Close to the best schools and shops. Wonderful, quiet neighbourhood. Buyer incentive, call now!

See the Pixilink 360° Virtual Tour for this listing