Buying a Home in Vancouver
When searching for your dream home, it’s important to be well informed of the Real Estate market.
How to Pick the right real estate agent for you
Based on my past experience both personal and working with buyers, I've created a few great tools that make the buying process fun and easy. I invite you to fill out the form below to book a friendly consultation, in which you will receive my famous Buyer's Guide and the opportunity to get all of your questions answered.
Jacky's Commitment to Buyers: Personal Attention, unparallel Service, and Exceptional Results...
First Time Buyers are exampt from Property Transfer Tax:
Property Transfer Tax
Property Transfer Tax is a provincial tax applied against purchases of real estate in the province at the rate of 1% on the first $200,000 of the purchase price and % on the balance. The tax is submitted at the time of registration of the transfer in the land title office and the amount required must be provided to your lawyer or notary.
There is a full or partial exemption for “first time buyers”. There are number of criteria to qualify for the exemption and the purchase price determines whether or not it is a full or partial exemption. The main criteria are that buyers must be Canadian citizens or permanent residents of Canada; have resided in B.C. for a least 12 months or filed income tax returns as a resident of B.C. for 2 of the 6 taxation years immediately prior to registration of the transfer; and never previously owned a principal residence anywhere in the world. The full exemption is available for properties with a purchase price of $425,000 or less and a proportionate exemption is available for properties with a purchase price between $425,000 and $450,000. There is no exemption on properties with a purchase price greater than these thresholds.
Property Transfer Tax is a provincial tax applied against purchases of real estate in the province at the rate of 1% on the first $200,000 of the purchase price and % on the balance. The tax is submitted at the time of registration of the transfer in the land title office and the amount required must be provided to your lawyer or notary.
There is a full or partial exemption for “first time buyers”. There are number of criteria to qualify for the exemption and the purchase price determines whether or not it is a full or partial exemption. The main criteria are that buyers must be Canadian citizens or permanent residents of Canada; have resided in B.C. for a least 12 months or filed income tax returns as a resident of B.C. for 2 of the 6 taxation years immediately prior to registration of the transfer; and never previously owned a principal residence anywhere in the world. The full exemption is available for properties with a purchase price of $425,000 or less and a proportionate exemption is available for properties with a purchase price between $425,000 and $450,000. There is no exemption on properties with a purchase price greater than these thresholds.
For more information regarding the benefits for 1st time buyers Contact me anytime.