Jan 21 2022
How much money do I need to buy a home? Where can the funds for my down payment come from?
Your down payment is one of the three main pillars that supports your mortgage application. It represents the equity you will put into the property you're buying and determines how much money you will need to borrow from a mortgage lender.
Well it’s a rare occasion when a government actually gives back or agrees to take less of your money, but in BC that’s exactly what happened with the new property transfer tax exemption up to $750,000. In case you didn’t’ hear, going forward from today, if you’re purchasing a new home up to $750,000, you will be exempted from paying the property transfer tax (a savings of $13,000 on a $750,000 purchase), provided the home is new and you are either a Canadian citizen or permanent resident of Canada.
