The new provincial budget has good news for first-time homebuyers. The Property Transfer Tax (PTT) exemption limits were raised so more homes qualify. Now, homes up to $475,000 are fully exempt and homes up to $500,000 are partially exempt. The previous limits were $425,000 and $450,000, respectively.
The PTT is charged by the BC Government on home sales upon completion (the day you legally own the home). It's calculated as 1% on the first $200,000 of home value and 2% on the balance. A qualifying first-time homebuyer will happily save $7500 on a $475,000 home.
Click here to learn more about the program and to see whether you qualify as a first-time homebuyer.
