The government has said housing is its focus in this budget.....and there may be some good news for SOME first time home buyers. Unfortunately, the changes that seem most significant will not be that useful to those who want to buy a home on the waterfront....even in the condo market, there are very few waterfront homes that will benefit from the changes as the price thresholds are too high. The BC government has raised the exemption for the First Time Home Buyers Program threshold to $375,000 with proportional exemption up to $400,000. This will help some people in outlying areas but won't do much for anyone wanting to buy a house anywhere near Vancouver-as it really isn't possible to buy a house for this amount of money. So condo buyers and those outside Vancouver may be assisted.....its too bad though that the assistance wasn't a bit broader. We have a lot of clients just scraping by trying to buy condos or first houses and very very few first time home owners can easily afford their purchases.
If you would like more information about the First Time Home Buyers Program or the other costs and benefits associated with home buying, please contact us. And for more information regarding the recent announcements by the provincial government, go to: http://www.rev.gov.bc.ca/rpt/ptt/ptt.htm