Posted on August 6th, 2008 by Roland Lewis
Property Transfer Tax
You pay property transfer tax each time you register a property at the Land Title office.
The First Time Home Buyers’ Program
If you are purchasing your first home, you may qualify for an exemption from property transfer tax if certain requirements are met.
WHAT ARE THE REQUIREMENTS?
You qualify for the exemption if:
- You are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,
- You have lived in British Columbia for 12 consecutive months immediately before the date
- You register the property, or you have filed 2 income tax returns as a British Columbia
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1st Time Home Buyers Property Transfer Tax Exemption
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Posted on August 6th, 2008 by Roland Lewis
The tables have turned and gone are the days where buyers would find themselves in back to back multiple offers. Today’s sellers have to work very hard to get there property SOLD (Find out How?).
*Vancouver listings Graph from 1977 to 2008 (Note the volume of listings on the market today!) What does this mean?
Buyer’s now have more properties to choose from and can take their time to make an informed decision. In many cases today’s properties have had to price reduce to keep competitive (find out why?). Vancouver buyers are often able to purchase property thousands under the original asking price, an opportunity that has rarely been offered before. For those looking for HOT DEALS in the Vancouver Real Estate market ….now just might be the time to buy!
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