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Property Transfer Tax Change in BC
February 22, 2007
Tthe Ministry of Finance for the Province of British Columbia recently announced the following amendment to the Property Transfer Tax Effective February 21, 2007.
First Time Home Buyers Program- Thresholds
Effective for registrations after February 20, 2007, the fair market value threshold for eligible residential property under the First Time Home Buyers Program is increased and will apply throughout the province. The new threshold will be 5,000 which is increased from 5,000 in the Capital Regional District, Fraser Valley Regional District and Greater Vancouver Regional District, and from 5,000 in all other areas of the province. A proportional exemption is provided for eligible residences that have a fair market value of up to ,000 above the new threshold.
This is good news for those that qualify as first time home buyers. For the first time home buyer at 5,000, this represents a savings of 00.00
If you have any questions or require mortgage finance for your home in British Columbia please do not hesitate to contact us.
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