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Government reduces tax burden on first-time buyers

First-time home buyers received welcome news in today’s provincial budget. 

 

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

 

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

 

The government estimates this measure will cost $8 million in lost tax revenue each year.

 

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000. In 2005, the government increased the threshold to $325,000 from $275,000.

 

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.   For example PTT calculated on $500,000 is $8000 which is not eligible to be rolled into your mortgage, as is the case with CMHC fee (downpayment < 20%).

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I have listed a new property at 1564 MCNAIR DR in North Vancouver.
Situated in the very sought after Upper Lynn Valley area is this completely renovated 4 Bdrm/3 Bth private end unit quality home, with a beautiful south facing large patio complete with your own fenced yard. Some of the features include aMaple Kitchen, cork and slate floors, wood burning fireplace, workshop and large recreation room in basement perfect for a family room or theatre room. Great family complex complete with an outdoor pool and playground. Short walk to Upper Lynn Elementary and public transit. Close to all hiking, mountain biking and recreational opportunities Lynn Valley has to share.
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I have listed a new property at 4607 HOSKINS RD in North Vancouver.
Yorkwood Hills at it's best! Within walking distance of Upper Lynn Elementary, This large 1830 sq. ft. 4 bedroom South facing family unit has recently been completely updated and is finished on all three levels with the exceptionof the small furnace room. It features a bright south facing wooden patio that is an extension of the living room with the main floor that offers dark laminate floors, maple kitchen, stainless appliances with a gas stove, double door fridge freezer and updated 2 pce. bathrm. Basement provides a 4th bedrm and a large recreation room. In the last few years this unit has a new high efficiency furnace, hot water tank, washer/dryer, rear patio and new window coverings throughout.
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I have sold a property at 5 995 LYNN VALLEY RD in North Vancouver.
Shows to perfection Magazine Quality. Beautiful hardwood throughout the main. New designer paint and moldings. Bright updated kitchen gas fireplace and lovely big window in the living room. Good sized separate dining area. Upstairs two goodsized bedrooms and ample closet space. Then one more flight up to the roof and the very large roof top deck with space for cooking,eating, lounging and gardening. A very private space. Don't delay this is a well priced opportunity in a pet and family friendly setting. Most suite have tandem parking this unit has Two single parking spots much better in a secure underground with lots of visitor parking. Open Saturday 2 to 4pm
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