Thrilled to share the new budget increase in Property Transfer Tax Exemption for First Time Home Buyers!

On February 18, 2014, Finance Minister Mike de Jong presented the BC government's Balanced Budget 2014. It announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First Time Home Buyers' program, qualifying first time buyers can buy a home worth up to $475,000 while being exempt from the PTT.

The previous limit was $425,000. Full savings amount to $7,500. Yet, the partial exemption continues and will apply to homes valued between $475,000 and $500,000. (refer to PDF chart here)

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their first home.

For more information, please visit: First Time Home Buyers' Program. Feel free to reach out to me if you or anybody you know has any questions about this.

 http://www2.gov.bc.ca/gov/topic.page?id=BBD16E2D7C1841A7BBD420E3AC5380F1

Strongest January Residential Sales Since 2010 Muted Impact Expected From Cancelled Investor Immigrant Program Vancouver, BC – February 14, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 4,244 residential sales were recorded by the Multiple Listing Service® (MLS®) in January, up 24.5 per cent from January 2013. Total sales dollar volume was $2.4 billion, an increase of 36.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $565,036, up 9.9 per cent from the same period last year. "Residential sales activity in the province posted the strongest January since 2010,” said Cameron Muir, BCREA Chief Economist. “Consumer demand has recovered from last year’s lower levels and is now trending at the long-term average.” The ten-year average for January is 4,276 unit sales. "Stronger economic conditions are expected to underpin a modest uptick in home sales later this year,” added Muir. The demise of the federal Immigrant Investor Program is expected to have little impact on the Metro Vancouver housing market. “The only impact we foresee is less pressure on the inventory of detached homes in Vancouver’s West Side, Richmond and West Vancouver,” said Muir. The number of investor immigrant landings peaked at 5,876 in 2008 before declining to just 2,644 in 2012, with a similar number expected for 2013. These numbers include spouses and dependents. The total number of added households is estimated to be between 900 and 1,000 per year since 2011. -30- For more information, please contact: Cameron Muir Damian Stathonikos Chief Economist Director of Communications and Public Affairs Direct: 604.742.2780 Direct: 604.742.2793 Mobile: 778.229.1884 Mobile: 778.990.1320 Email: cmuir@bcrea.bc.ca Email: dstathonikos@bcrea.bc.ca BCREA represents 11 member real estate boards and their approximately 18,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education. To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale. To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.