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BC Property Transfer Tax Changes
Good news for first time homebuyers in BC. The Government has now raised the ceiling for the exemption to 5,000
First time home buyers can now qualify for a full exemption with a purchase price of less than 5,000.00 (instead of 5,000.00). The partial exemption is now applicable when the purchase is more than 5,000.00 but less than 0,000.00.
Further, buyers can now finance any proportion of the purchase they wish without losing the exemption! This is really significant because it now allows buyers who cannot qualify for a mortgage without providing a 35% down payment, the opportunity to qualify for the exemption.
For more details I encourage you to check out this BC Government
BC Government PDF for changes in the property transfer tax.
My Mortgage BC.com note: We are a mortgage broker that works hard on behalf of our clients to ensure you get the best rate and honest service. Don't hesitate to contact us if you have any questions. |
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