So you have finally decided to move out and get a place of your own. It can seem incredibly daunting to start, but there are certain first-time homebuyer incentives in British Columbia that you can take advantage of provided by the government of British Columbia. They offer you rebates on land transfer taxes if you are a first-time homebuyer. The total amount you qualify for when applying for this incentive is entirely dependent on the value of the property you are interested in. Keep reading below to learn about some of these first-time home buying incentives in British Columbia.
Contact Reliable Realtors
Suppose you are unsure where to begin applying for homebuyers’ incentives in British Columbia. In that case, it always helps to take advantage of a top real estate agent in Victoria BC. You can reach out to them and ask them to help guide you while also finding you a property you might like.
The First-Time Homebuyers Exemption
Suppose there is a property you have your eyes set on that you would love to start a family in with an overall price of less than $500,000. In the First-Time Homebuyers Exemption, the government will pay the overall cost of the land transfer tax. This essentially means that you will not end up paying a dollar out of your pocket for the tax itself. While this is incredibly exciting, you must also know that the government will not pay land transfer tax if your property is over $500,000. If it is, you do not qualify for the incentive. If your property is within the range of the incentives, you may be eligible for a land transfer tax refund of up to $8000.
Even if the property you are interested in values $25,000 more than the incentive’s asking price, the amount you receive will be significantly reduced. And if it is anything even more than that, you will not receive any amount at all.
Is There a Catch?
To qualify for incentives like this, you must never have owned or had an interest in a property anywhere in the world. It’s a bit of a technicality, for sure, but to qualify for this loan, you must make sure that you meet all of the criteria laid out by the government.
As this is your first time buying a property in Victoria, you should search for something under the $500,000 limit to qualify for this exemption. It might not seem like $8000 is a lot to start with, but it is your two months’ pay in the grand scheme of things.
To see if you qualify for these incentives, you should contact the best realtor in Victoria BC, to help you apply and get approved for the incentives.
Reach out to Brad Maclaren, your most reliable real estate agent in British Columbia, to help you apply for real estate incentives that you qualify for. Contact Brad today.
