Real Estate Outside The Box

Blog › September 2014

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 806 - 1295 Richards Street, Vancouver, British Columbia


V1082427 - 806 - 1295 Richards Street, Vancouver, British Columbia, CANADAI have just recently sold this listing at 806 - 1295 Richards Street, Vancouver.

New Listing 3983 Welwyn Street, Vancouver, British Columbia


V1085175 - 3983 Welwyn Street, Vancouver, British Columbia, CANADAView my new listing for sale SOLD at 3983 Welwyn Street, Vancouver and currently listed at $799,900.SOLD

May be one of the best layouts for a 3 bedroom half duplex! Well-designed front half duplex home with sunny West facing backyard & patio. Main floor has spacious open plan complimented by blonde wide-plank wood floors, pot lights & l ovely powder room. Kitchen features s/s appliances, gas stove, windows, stone counters & adjoining dining area. Upper floor hosts 3 bright bedrooms, master with sparkling ensuite. Radiant heat throughout with a color scheme that is both smooth & muted, making decorating a snap. Off street parking & single garage space. Great location across from historic Lord Selkirk French Immersion Elementary in one of East Van's blossoming neighborhoods walking distance to Skytrain, Trout Lake, & shopping.