First Time Home Buyers : Updates coming !

Previously, the government initiated a program to aid buyers with 5 or 10% down payment in exchange for equity in the property. While not without its drawbacks, this initiative proved beneficial for many aspiring homeowners looking to enter the market. Despite reservations about government involvement, especially among most individuals, the reality is that purchasing a first property can be daunting without assistance. I've personally worked with numerous buyers who have utilized this program to achieve their homeownership dreams.

Act fast! The deadline to submit a mortgage request under this program is Friday, March 23. If you know anyone who could benefit from this opportunity, encourage them to reach out to us before it's too late.

Property Transfer Tax Update

Beginning April 1, 2024, changes to the property transfer tax partial exemption will provide significant relief for first-time homebuyers. Previously, the exemption applied only to properties valued under $525,000. However, the new threshold extends to properties valued up to $835,000, offering substantial savings on closing costs.

Here's how it works:

• The first $500,000 of the property's value is fully exempt from transfer tax, resulting in savings of $8,000.

• For the portion of the property's value between $500,000 and $835,000, a 2% tax applies. For example, a property valued at $700,000 would incur a transfer tax of $4,000, compared to the previous $12,000.

  Find out if you qualify: First time home buyers' program - Province of British Columbia (gov.bc.ca)

These changes aim to alleviate the financial burden on first-time homebuyers, making homeownership more accessible and affordable.