Real Estate Outside The Box

Blog › August 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

New Listing 1488 W 54TH AV, Vancouver, British Columbia


V1024409-DUP - 1488 W 54TH AV, Vancouver, British Columbia, CANADAView my new listing for sale at 1488 W 54TH AV, Vancouver and currently listed at 2288000.

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.

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Recently Sold Listing 104 - 550 Royal Avenue, New Westminster, BC


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Recently Sold Listing 1642 W 59th Avenue, Vancouver, BC


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