FIRST TIME HOME BUYERS
Buying real estate for the first time could be intimidating because, for most people, it will be one of your biggest purchase of your life. But once you understand it, it is actually quite simple. We have written a buying guide on buying real estate from start to finish to help you understand the process so you know what you can expect. With an expectation, you will be able to understand what you want.
More over, there are a few program in Vancouver BC that aids first time home buyers. They are all scattered in different government websites, making it difficult for first time buyers to find out and utilize these programs. We will list them all here for your convenience.
- Provincial First Time Home Buyer Program
- This program exempts first time home buyers from needing to pay the entire or partial Property Transfer Tax. If utilized fully, a buyer can save a maximum of $8000! This is one of the major programs that are offered in Vancouver BC and it saves the most money.
- Federal First Time Home Buyer Program
- This program allows first time home buyers to take out up to $25,000 from their RRSP interest free to help with the down-payment. Buyers will have up to 15 years to repay the full amount. It is important to note that the Federal and Provincial definition of First Time Home Buyer is different.
- Property Transfer Tax Exemptions
- There are number of exemptions that exempt buyers from property transfer tax.