The British Columbia provincial government has announced changes to the Property Transfer Tax First Time Home Buyers’ Program as part of the 2014 Provincial Budget. There is now a full Property Transfer Tax exemption for qualifying first time home buyers where the fair market value of the property is $475,000 or less and there is a partial exemption where the fair market value of the property is between $475,000 and $500,000. These changes are effective February 19, 2014.
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