In case you have missed it, the BC Provincial government recently announced changes to the exemption limits for the First Time Home Buyer exemption, commencing February 19, 2014.
Prior to the change, the First Time Home Buyer Exemption was capped at $425,000.00 and there was a sliding scale between $425,000.00 and $450,000.00. The new cap effective Feb. 19, 2014 is $475,000.00 and there is a sliding scale between $475,000.00 and $500,000.00.
This means that any purchase up to $475,000, the First Time Home Buyer doesn’t pay any Property Transfer Taxes, a savings of thousands of dollars!
