BC Property Transfer Tax Changes

Good news for BC first time home buyers BC has made some changes to the First Time Homebuyers' Property transfer Tax Exemption.

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.

If you want more details, you can check out this BC Government
link:

http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_004.pdf

My Mortgage BC.com is a mortgage broker specializing in helping first time home buyers enter the housing market.