Great News for 1st Time Home Buyers
by Denise Salmon – Managing Broker – RE/MAX Masters Realty Ltd.
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.
The partial exemption continues and will apply to homes valued between $475,000 and $500,000.
With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.
How does this affect the Squamish real estate market? It is very favourable! Squamish attracts young singles and families that are looking to purchase their first homes. With much higher prices in Vancouver to the south and Whistler to the north, home ownership is only a dream for many. The increase in the threshold enables the purchasers to buy a single family home in Squamish.
Given the lower price point in Squamish, real estate is a great long term investment. As Squamish grows and the distance between Squamish and Vancouver ‘closes’ with further development along the highway, real estate in Squamish will look VERY attractive. That in turn will see an increase in value.
In the meantime, life in Squamish is good! The lifestyle is relaxed and outdoorsy. Healthy living is the norm and the natural surrounding call to the residents to come out and play every day. So while your long term investment is maturing you get to love it and live it!!!
Denise Salmon, REALTOR
Managing Broker – RE/MAX Masters Realty Ltd.