Personal Real Estate Corporation

Cell 250-884-3980 |

  Free Real Estate Seminars
  Buyer Resources

Best Real Estate Advice

  Seller Resources

Selling For Top Dollar

  Mortgage Calculator

Calculate your payments


PTT - Threshold for First Time Home Buyers Increased!

Mixed bag for real estate

First-time homebuyers got some relief in the budget, with an increase to the threshold for property transfer tax relief for first-time buyers to $475,000.

The new threshold means first-time homebuyers will also get partial transfer tax relief up to $500,000.

De Jong acknowledged the thresholds were set at a time when property values were very different.

It is estimated 1,700 individuals will benefit, with possible savings of up to $7,500 per purchase.

Meanwhile, the threshold for the phase out of the Home Owner Grant is lowered to $1.1 million.

For properties valued above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold.

It is expected at least 93.8 per cent of homeowners will still be eligible for the grant, down from at least 95 per cent when the threshold was originally set.


No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Your email will not be published
Your Email: *
Comment: *
Please type the text as it appears above:
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.