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First Time Home Buyers' Exemption Amounts


Taxes be gone Sevin Atiila

Happy Monday!!

This weeks blog is about first time home buyers property transfer tax exemption...

Most first timers know that if they purchase a property under $475,000 they could qualify for the property transfer tax exemption. What majority don't know is that they could qualify for a partial exemption up to $500,000. 

Find out a break down of this exemption on this document:

first time home buyers ptt exemption sevin atilla

Questions? You know what to do!

Sevin Atilla
604-505-1858
info@sevinatilla.com



NEWSFLASH! Government reduces tax burden on first-time buyers


 

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.: http://www.bcbudget.gov.bc.ca/2014/default.htm



B.C. homebuyers say they expect to spend $454,000 on first property: poll


The average first-time homebuyer in Canada is 29 years old and expects to be able to put down a down payment of $48,000 on $300,000 home, according to a recent poll by the Bank of Montreal.

But the study, released Tuesday, also found that price expectations vary widely, depending on where the homebuyer lives in.

Those in Atlantic Canada say they expect to spend an average of $224,000 on a first home, while those in British Columbia anticipate to pay an average of $454,000.

Vancouver topped the survey as the most expensive city, with buyers there saying they're going to shell out an average of $539,000 for a home, followed by Calgary at $474,000 and Toronto at $446,000.



Read more: http://www.vancouversun.com/business/homebuyers+they+expect+spend+first+property+poll/8215920/story.html#ixzz2Pz7D2pSH