New changes to brought in by the BC Minister of Finance today aim to make it easier to own a home in Vancouver.
Here is an outline of the new rules:
- a property transfer tax exemption for Canadian citizens and permanent residents who purchase newly-built homes, condos and townhouses under $750,000. Purchasers must live in the property for at least one year. This is a potential saving in closing costs of up to $13,000;
- a one percent increase in property transfer tax to three percent for homes which are sold over the $2 million mark;
- the first time home buyers exemption will remain in place for homes under $475,000;
- buyers will need to start disclosing their country of residence in all property transactions;
- the beneficial ownership of properties held by corporations will also be tracked.
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Combined with some mortgage planning, these new rules can help create an opportunity for First Time Buyers to enter the real estate market. To find out more ways First Time buyers can enter the market read my post “First Time Buyers Fast Tracked”