February 18, 2014
BC Notaries are pleased that the Provincial government has recognized the high cost of home ownership in BC for first time buyers, and made it a little bit easier to enter the housing market.
In the BC budget released today, Finance Minister Mike DeJong announced that more first-time home buyers will pay less property transfer tax. The government has increased the value of homes that qualify for BC’s First Time Home Buyers Program from $425,000 to $475,000. With this change, eligible first-time home buyers can save up to $7,500 in property transfer tax on the purchase of their home. Minister DeJong estimated 1,700 B.C. families will save money using this program.
For more information on the program, or to learn more about buying your first home, call your BC Notary or find a Notary near you at www.notaries.bc.ca