2008 B.C. Budget Increases First Time Homebuyers Threshold
Carole Taylor, wearing her new, greener shoes, released the budget yesterday in Victoria. The big news has been about the carbon tax that was introduced, but for first time homebuyers driving around in their cars looking for their first home the big news was that the budget also increased the threshold for the the First Time Homebuyers Program Property Transfer Tax (PTT) exemption from $375,000 to $425,000. This is especially welcome in the City of Vancouver where its getting harder to find even a one bedroom condo for under $400,000.
This is the third consecutive year that the province has raised the threshold in a small effort to mitigate the decreasing level of affordability in B.C. real estate. This year they also removed the financing rule took away the PPT exemption if you were lucky enough to have more than 30 percent for a down payment.
The British Columbia Real Estate Association continues to campaign in Victoria for the complete or partial abolition of the PTT. This year the Province will put 1 billion dollars into it's general coffers from this tax and what does the homeowner get in return?
Matthew Collinge: Vancouver REALTOR® - Royal LePage Westside