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.

Canadian Mortgage Rate Update Feb 6, 2008

Thanks to all of the visiters to my blog.

Canadian Mortgage Rate Update Feb 6, 2008

Bank of Canada lowered the Prime Rate and the lenders have follower on their variable produccts but have been slow to move their fixed rates down.. Expect rates to drop further in the next few months.

The Bank Prime Rate is currently 5.75%.

Best Fixed Mortgage Rates:

1 Year Fixed 5.95%
2 Year Fixed 6.05%
3 Year Fixed 6.05%
4 Year Fixed 5.05%
5 Year Fixed 5.84%**
7 Year Fixed 6.20%
10 Year Fixed 6.25%

5 Year Rate Special 5.74% ** Must close before Feb 28th, 2007.

Best variable rate is Prime -.60% or 5.15%

MyMortgageBC.com is a mortgage broker located in Vancouver, BC. If you would like the best mortgage rate, or have any questions regarding the mortgage process you should give us a call at 604-764-6336.