Purchase Tax Exemption

FIRST TIME BUYER PROPERTY PURCHASE TAX EXEMPTION

First time buyers are exempt from paying the property purchase tax under the following conditions:

1. Price of property purchased is $300,000 (lower mainland) or less.

2. Mortgage loan to value ratio is 70% or higher.

3. Mortgage term must be for one year or longer.

4. Mortgages must be arms length - mortgages held by parents do not qualify.

5. The maximum amount available for principal buydown of the mortgage is $11,000.

6. Buyers must not have owned a house anywhere in the world before. If only one client qualifies then only their portion of the purchase will be eligible for the exemption.

7. Buyers must have been a resident of B.C. for at least one year prior to purchase.

8. Buyers must reside in the home for a minimum of one year following completion.

9. Exemption applies only on residential properties up to 1.24 acres.

10. Savings available to first time buyers under this program:

Price     Savings

$275,000   $3,500

 250,000    3,000

 200,000    2,000

 150,000    1,500

 100,000    1,000

  50,000      500

Other conditions may apply. For further information please call Sheila & Terry at 604-945-6365
or contact us here

This information is believed to be accurate but is not guaranteed to be so.