Property Transfer Tax Exemption for 1st time Buyers

Published By: on October 24th, 2011 in Category Nanaimo Real Estate News
Published By: on October 24th, 2011 in Category Nanaimo Real Estate News

Property Transfer Tax Exemption

As a 1st time homebuyer you are exempt from paying the Property Transfer Tax (PTT) on a property of $425,000 or less. In order to qualify you need to have never previously owned a home, anywhere in the world, any time in your life. You also need to be buying the home as your primary residence and you need to be a full-time resident of B.C. for 12 months and a Canadian citizen or permanent resident.
If you are a 1st time buyer and you are buying a house with a partner who has owned before, you can still claim your portion of the tax exemption. For example, if you are going to be 50% owner, as in joint tenancy, you may claim an exemption of 50% of the tax.
For more details go to

http://www.sbr.gov.bc.ca/business/property_taxes/property_transfer_tax/first_Time_home_buyer.htm

Testimonials

We had been planning a move from Calgary to Nanaimo for retirement purposes for a few years. Upon discovering Love Real Estate Group a relationship began. Over a period of time, with patience, professionalism, good humour and integrity, Love Real Estate Group helped us secure a home that met our needs and our wishes. We are happy to recommend Love Real Estate Group to anyone looking to buy a property in the Nanaimo area.

Diane and Tom Crawford

Marie and LOVE Real Estate Team are simply the best. Marie’s excellent advice, knowledge of all things house-related, her attention to detail, and outstanding commitment all factored into us getting the house of our dreams!

Throughout our experience working with Marie, she demonstrated her integrity time and again through her dealings with us and with other realtors. Throughout the process of looking for and purchasing our new home, she was patient, understanding, and an absolute pleasure to work with. We have come to trust her completely and we would highly recommend her to anyone.

Chris and Miki Flynn