Real Estate Outside The Box

Blog › August 2016

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.:

Recently Sold Listing 1306 E 27 AVENUE, Vancouver, BC

R2088302 - 1306 E 27 AVENUE, Vancouver, BC, CANADAI have just recently sold this listing at 1306 E 27 AVENUE, Vancouver.

New Listing 3650 E Georgia Street, Vancouver, BC

R2102384 - 3650 E Georgia Street, Vancouver, BC, CANADAView my new listing for sale at 3650 E Georgia Street, Vancouver and currently listed at $1,098,000.

First time ever on the market. Beautiful south facing building lot in this east Hastings neighborhood. Centrally located, walk to Rupert Park Pitch and Putt, Adanac Park and shopping in The Heights. Walk to hip coffee shops and restaurants, enroll your kids in great schools. Transit is just 1/2 a block away. RS-1 zoning gives you many options. Property sold as is, where is. Please do not walk on the property. Call for more information.

New Listing 14719 16 Avenue, Surrey, BC

R2101124 - 14719 16 Avenue, Surrey, BC, CANADAView my new listing for sale at 14719 16 Avenue, Surrey and currently listed at $1,080,000.

South Surrey rancher on 7,200 square foot sunny lot. Currently a 2 bedroom home with new high efficiency furnace installed May 2015. Renovate, add a second level or build your dream home with second floor ocean view to Semiahmoo. Arguably the best school catchment in South Surrey White Rock. Bayridge Elementary is a short 3 block walk away as is Semiahmoo Secondary with it's IB Program. The swimming pool is even closer. You are a few minutes away by car to Uptown White Rock shopping, restaurants, beaches, athletic parks, hockey rinks and beautiful green spaces Don't miss this great opportunity.

New Listing 6061 Adera Street, Vancouver, BC

R2099211 - 6061 Adera Street, Vancouver, BC, CANADAView my new listing for sale at 6061 Adera Street, Vancouver and currently listed at $5,998,000.

Beautiful Georgian style home on one of the most desired streets in South Granville. Fully renovated, this spacious home offers cross hall living/dining room, perfect for entertaining. Main floor includes fantastic indoor/outdoor living, stunning gourmet kitchen (with carrera countertops & backsplash/Viking & Sub Zero appliances) open great room with eclipse doors to outdoor deck & yard. 4 beds & 3 baths up, perfect for a large family. Radiant heat in basement & main. Lower level is a kids paradise with games & recreation area. Air conditioning on upper level, surround sound on main & smart home technology throughout. Garage includes Tesla charging station. Open Thurs 1030-12pm. Public Opens: Sat Aug 13 & Sun Aug 14. 2-4 pm