Good news for First Time Home Buyers

The B.C. Provincial Government announced its provincial budget for 2014 - which included some good news for first time home buyers in B.C. The B.C. First Time Home Buyers Program allows B.C. residents to reduce or eliminate the property transfer tax paid when purchasing their first home. The B.C. government has increased the threshold for this program to $475,000 from $425,000 - effective February 19, 2014. This means that any home purchased by a first time home buyer for a fair market value of $475,000 or less is exempt from paying any property transfer tax - a savings up to $7500. 

For more information on the First Time Home Buyers Program, visit the website here.