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.