First Time Home Buyers

There are several government programs for first-time buyers that you can use:

RRSP Home Buyers' Plan for First-time Buyers

Participants are eligible to withdraw a maximum $20,000 tax-free his/her own RRSP for a down payment. Must be a first-time buyers, not owned a home that has been used as a principal residence within the last five years. Must intend to occupy home as principal residence with one year. Minimum repayment schedule is 15 equal installments. This schedule can be accelerated. The funds to be withdrawn must have been invested into the RRSP for a minimum of 90 days prior to withdrawal.

Property Transfer Tax Exemption for First-Time Buyers

First-time buyers are exempt property transfer tax (PTT). Normally PTT is 1% tax on first $200,000, 2% on balance. To qualify, a buyer must not have owned an interest in a principal residence anywhere. Purchaser must be Canadian citizen or permanent resident and have resided in B.C.. for a minimum of 12 months. Maximum purchase price is $275,000 for Greater Vancouver and Central Fraser Valley. Other areas of B.C. limited to $225,000. Mortgage financing must be 70% or greater of purchase price. Property must be owner-occupied principal residence; no rental or investment properties.


“We appreciated doing business with you.”

John & Diane
BROOKSWOOD RANCHER, 1736 SQ. FT. - 3 BEDROOMS – 2 BATHROOMS, LARGE DETACHED WORKSHOP, PRIVATE PARKLIKE ¼ ACRE, ADJACENT TO GREENSPACE. Beautiful rancher situated on a private park like 1/4 acre. Nicely landscaped yard, select mature trees & access to rear yard. Bright & spacious floor plan featuring picture window living room w/ floor to ceiling double sided brick fireplace and adjacent dining room – great for family dinners. Gorgeous oak kitchen with skylight, lots of cupboards, vaulted ceiling eating area with sliders to the covered patio. Master bedroom with French doors to patio, large closet and ensuite with soaker tub. 2 additional bedrooms, lots of storage & laundry room with sink and shelves. Fully fenced backyard with pond, covered patio and storage shed. 20 X 16 detached workshop. Great neighborhood with acreage across the street. Minutes to everything. Call today. Tracey Bosch 604-539-SOLD (7653) traceybosch.com
Price: $517,800.

 
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