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, saving an average of $4,000 at a cost to government estimated at $8 million.
For more information on Okanagan Real Estate, please contact:
Lake Okanagan Realty
506 Doyle Avenue
Kelowna, BC V1Y 6V8