Real Estate Outside The Box

Blog › October 2015

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 307 4373 HALIFAX STREET, Burnaby, BC


R2006814 - 307 4373 HALIFAX STREET, Burnaby, BC, CANADAI have just recently sold this listing at 307 4373 HALIFAX STREET, Burnaby.

New Listing 201 - 2525 W 4th Avenue, Vancouver, BC


R2007390 - 201 - 2525 W 4th Avenue, Vancouver, BC, CANADAView my new listing for sale SOLD at 201 - 2525 W 4th Avenue, Vancouver and currently listed at $468,000.SOLD

Welcome to your private peninsula in Kitsilano! With windows on all 3 sides, this bright & meticulous suite is a must see. Located in the reputable Seagate on 4th, this spacious 1 bed & den (could easily be a 2nd bedroom) accommodates house sized furniture. Features include laminate flooring, new carpet in the bedroom, stainless steel appliances, insuite laundry & large storage area off the kitchen which can also be used as a pantry. Private balcony with southwest exposure adds to the openness of the space. This bldg is fully rainscreened with updated plumbing & a pro-active strata. Walking distance to all the great amenities Kits has to offer & steps to transit. Pets welcome. 1 parking & 1 storage locker.

Recently Sold Listing 202 - 20420 54 Avenue, Langley, BC


R2000688 - 202 - 20420 54 Avenue, Langley, BC, CANADAI have just recently sold this listing at 202 - 20420 54 Avenue, Langley.

Recently Sold Listing 201 - 2525 W 4th Avenue, Vancouver, BC


R2007390 - 201 - 2525 W 4th Avenue, Vancouver, BC, CANADAI have just recently sold this listing at 201 - 2525 W 4th Avenue, Vancouver.