New, higher threshold for the First Time Home Buyers' Exemption to the Property Transfer Tax
According to the Real Estate Board of Greater Vancouver, effective February 19, 2014, the new threshold for the First-Time Home Buyers’ Exemption to the Preperty Transfer Tax is $475,000, with a partial exemption for homes priced between $475,000 and $500,000.
Property Transfer Tax is a land registration tax. It must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property Transfer Tax is payable on the fair market value of the property being transferred.
To learn more about the First Time Homer Buyers' Program and how Property Transfer Tax is calculated, click here to view the Board’s updated Property Transfer Tax Fact Sheet .
Source: Real Estate Board of Greater Vancouver
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