From the Home Buyers\u0027 Plan for a down payment to no property transfer tax, we look at what help you can get as a first\u002Dtime buyer in B.C.
To break it down, we talked to Abdul Safi, a mortgage specialist who works for TD in Guildford.The HBP allows homebuyers to take up to $35,000 from their plan for a down payment without immediate tax implications. The catch of course is “immediate.” Starting the second year after the funds are withdrawn, home buyers must return the money to their RRSP within 15 years. If they don’t, the amount for that year is considered income and subject to tax.
The catch: the government wants its pound of drywall, as it were, upon the home’s sale or after 25 years. Then, an equal percentage of the home’s fair market value goes to the feds. “It’s not a very popular program,” Safi said. “I’ve seen it once, maybe twice in the last four years. I’ll facilitate over 200, 250 mortgages a year.
The exemption is only for re-sale homes up to the $500,000 mark, with a partial exemption for those between $500,000 and $525,000, and up to $750,000 for pre-sales. Try to find properties in Metro Vancouver that list for those amounts.
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