Last Wednesday February 17, 2016 the British Columbia government announced changes to BC property transfer tax that will help local new home buyers save money.
Since the announcement, many are talking how this policy may not provide immediate relief to those who cannot afford a new house or those who are not first time buyers.
The British Columbia Real Estate Association (BCREA) is quoted as saying:
“The PTT exemption for new homes up to $750,000 will help stimulate supply of new housing and provide more opportunities for home ownership across the province. This exemption is commendable, however with many new housing projects taking years to complete, it may not have the immediate impact desired by the government … While the new three per cent threshold for properties over $2 million is intended to pay for the new home exemption, the province has missed an opportunity to raise the existing threshold levels to provide broader PTT relief for those who cannot afford a newly constructed home and who are not first time homebuyers.”
Are you wondering whether you should buy a new home for sale in Surrey or Langley, BC to take advantage of the new BC Property Transfer Tax laws?
I’d be happy to discuss your options and explore what you can actually afford in this fast paced BC real estate market!
Call our Sutton WestCoast Realty agents at 778-316-4290 or fill out our quick online contact form.