BC Property Transfer Tax Changes

Good news for first time homebuyers in BC.  The Government has now raised the ceiling for the exemption to $425,000

First time home buyers can now qualify for a full exemption with a purchase price of less than $425,000.00 (instead of $375,000.00). The partial exemption is now applicable when the purchase is more than $425,000.00 but less than $450,000.00.

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.