CRA has increased the threshold for the tax exemption rates for first-time homebuyers.The property tax exemption rate has been increased by $25,000. The scale goes from 100% tax exemption to 0%; homebuyers enjoy limits of $500,000 and $525,000 respectively.
This means you can keep up with the growing housing market with less limitation. (Remember, a 100% tax exemption is UP TO $500,000). It also means, with the savings you get from buying a home, you have more money for other things!
This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy - Listing data updated on July 7, 2020.
This website is presented by Jannelle de la Torre from RE/MAX Select Properties