The “boring, balanced budget” of British Columbia was tabled yesterday by Finance Minister Mike de Jong. Here’s what it has to offer for home buyers and homeowners:
Threshold for the Property Transfer Tax exemption has increased for first-time buyers to $475,000 (up to $500,000 for partial exemption)
The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. Click here for more detail.
Threshold for homeowner grant — a property tax subsidy program – will now apply to a maximum property value of $1,100,000, down from $1,295,000. Click here for more detail.