First Time Home Buyers, Listen Up!

OK, so you’ve made the huge decision to buy your first home. And how very LUCKY you are that you are going to own and live in beautiful Point Grey! You have driven around the neighbourhoods, spoken with your friends, and searched the Internet. We want to show you your amazing home in Point Grey. Our Hot List makes it simple by showing you detailed information about your purchase.
 
We’ll also provide for you the preliminary information that you need to know before buying.

Some stunning homes and beach condosare available at any given time. Centrally located, you’re only minutes away from the beach, shopping and dining. What are you waiting for? Take the leap of faith and become the homeowner you KNEW you were meant to be.

 
You just may be eligible to qualify for an exemption from property tax. You pay property transfer tax each time you register a property at the Land Title office.

 

The First Time Buyer’s Program- If you are purchasing your first home you may qualify for an exemption from property transfer tax if certain requirements are met.

 
Purchaser
You qualify for the exemption if:

You are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,

You have lived in British Columbia for 12 consecutive months immediately before the date

You register the property, or you have filed 2 income tax returns as a British Columbia
resident during the 6 years before the date you register the property,

You have never owned an interest in a principal residence anywhere in the world at anytime,

You have never received a first time home buyers’ exemption or refund.

Property

The property you purchase qualifies if:

The fair market value of the property is not more than the current threshold of $425,000,

The land is 0.5 hectares (1.24 acres) or smaller, and

The property will only be used as your principal residence.

If the property does not meet all of these requirements, you may still qualify for a partial
exemption.

I found the link at: http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_004.pdf

 

Be sure to check it out when buying your first Point Grey Home! Here we want to make your real estate experience one that you can tell all your friends about. We stay in business because of who we help not how many we help. 

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