Royal LePage Coast Capital Chatterton

If you are a first time buyer, good news. The 2007 BC govenment budget included provisions raising the limits for ememptions for first time buyers for the Proprty Transfer Tax.

For Victoria and area, first time purchasers are now fully exempt for values up to $375,000.  For properties between $375,000 and $400,000 a partial exemption applies, and for properties over $400,000 there is no exemption.

Remember that you must meet a number of residency provisions to qualify, finance at least 70% of the property value to qualify for the exemption, and there are some restrictions on size of the lot, and a minimum mortgage term of 1 year is required.

Read here for full details.