You will be making many big decisions together, which may include going from a family home renting to owning your own home. Home ownership is a big lifestyle leap with many costs associated. There are many sites available to help you with your decision process. These sites are sponsored by the provincial and federal governments as well as banking institutions. Once you have decided to move forward, there are bonuses based on eligibility through the provincial and federal government. Here are a few points to see if you qualify:
First Time Home Buyers’ Program
The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.
For example, if you qualify and purchase a property with a fair market value of $400,000 with a person who doesn’t qualify, you would still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.
Do I Qualify?
To qualify for a full exemption, at the time the property is registered, you must:
• be a Canadian citizen or permanent resident;
• have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years;
• have never owned an interest in a principal residence anywhere in the world at any time;
• have never received a First Time Home Buyers’ exemption or refund.
The professionals at O.J. Realty and Property Management will work with you on the next step of your life together. They will help you find the perfect home and guide you through the process of becoming a home owner as well as advise you of programs you can seek out as a First Time Home Owner.
O.J. Realty and Property Management has an experienced team to provide you with a full range of services, tailored to meet the needs of each client whether it is management of your rentals or buying and selling your home.