Your Mortgage Solutions Group

Help you save time and money with your mortgage needs

BC First Time Home Buyers are saving some money!

Leave a comment

The Province of BC announced that effective today it will increase the exemption levels for the Property Transfer Tax (PTT) to $475,000.

The previous exemption was up to $425,000 with a partial exemption levels on purchases between $425,000 – $475,000.

With this new changes, it means a full exception up to $475,000 and a partial exemption between $475,000 – $500,000.

The Property Transfer Tax is calculated as follows: 1% on the first $200,000 and 2% on the balance on the purchase price.

Previously if a first time home buyer was purchasing a home of $475,000, they would have to pay $7,500 for the property transfer tax.  This is a cost that can’t be added to the mortgage amount and it would have to be additional money the purchasers had to come up with besides the down payment.

This is of great step in assisting First Time Home Buyers to purchase their first home.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s