The Christies Real Estate Team

Huge news in the mortgage industry!

Courtesy of our government website the first time homebuyers threshold has gone from 375k to 425K

Please see below

First Time Home Buyer's Program

Introduced in 1994, the First Time Home Buyers' Program is designed to help British Columbians purchase their first home. Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount.

For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000.

A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).

To qualify for the First Time Home Buyers' exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer. For a general overview of the eligibility criteria, please see the brochure, Property Transfer Tax and the First Time Home Buyers' Program. For complete information on all of the eligibility criteria, please see:

• Bulletin PTT 004, First Time Home Buyers' Program
• Instructions for Completion of the First Time Home Buyers' Tax Return
• First Time Home Buyer's Program - Follow Up

To claim the exemption you must file a First Time Home Buyers' Property Transfer Tax Return (FIN 269) and the appropriate Land Title forms at the Land Title Office when you apply to register your property.