Property Transfer Tax
Effective for registrations on and after February 19, 2014 (tomorrow), the Property Transfer Tax exemption threshold under the First Time Home Buyers’ Program is increased to $475,000 from $425,000, with the partial exemption/phase out applying between $475,000 and $500,000.
The government estimates that approximately 1,700 first-time buyers will benefit this year, savi ...
For the 2014 tax year, the Home Owner Grant threshold for phase out will be decreased from $1,295,000 to $1,100,000. For properties valued above the threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold. The threshold captures at least 93.8% of homeowners as opposed to 95% previously. The measure is estimated to provide an addition ...
Summary of Who is Buying in the Okanagan
26.4% of purchases were by Move-Up Buyers (up from 25.4% in December) *
20.8% by First Time Buyers (up from 20.1%) *
14.4% moving from Single Family Home to Strata Unit (up from 11.9%) *
8.0% buying Recreation Property (up from 7.5%)
6.4% buying Revenue/Investment Property (down from 8.2%)
6.4% moving fro ...
Okanagan Real Estate Market Picking Up!
After getting hit with the recession, HST and tightened mortgage rules, the Okanagan real estate market is finally recovering at a rapid pace. I am starting to see bidding wars again on property. Foreclosures are down by almost 45%! Add to that the fact that interest rates are going back down again (I called that from day one - rates can't ...