In February, BCREA welcomed the provincial government’s assistance for first-time homebuyers.
Effective February 19, 2014, the Property Transfer Tax (PTT) exemption threshold under the First Time Home Buyers’ Program increased to $475,000 from $425,000. The government estimates that about 1,700 first-time buyers will benefit this year, saving an average of $4,000 (and up to $7,500).
This news demonstrates the government’s recognition of the housing affordability challenges in BC. It also aligns well with the concerns of REALTORS®, who consistently rate the PTT as their top public policy priority.
The PTT applies to real estate transactions at a rate of 1% on the first $200,000 and 2% on the remaining fair market value. BCREA has lobbied against the PTT since it was introduced in 1987. More information about BCREA’s public policy position is available at www.bcrea.bc.ca/government-relations/shelter-taxes.
Till next time ...