Expect 2017 to be a promising year for first-time home buyers

“We’re putting taxpayers first when it comes to housing”

If you’re planning on buying your first home in 2017, there’s reason to be optimistic.

New provincial government incentives, a forecasted balanced market and continued strong housing starts make 2017 a good time for B.C. residents to purchase their first home.

The first thing that should help first-time home buyers is the new B.C. Home Partnership program that kicks in on January 16th.

This new initiative will contribute up to $37,500, or up to 5% of the purchase price, towards a B.C. resident’s first home through a 25-year mortgage loan that’s interest and payment-free for the first five years.

First-time home buyers can also save up to $7,500 when purchasing a home through the First Time Home Buyers Program, which exempts them from paying the property transfer tax.

It’s also possible to save up to $13,000 in property tax when purchasing a newly constructed home through the Newly Built Homes Exemption.

It’s also expected to be a good year for housing starts, with the Canadian Mortgage and Housing Corporation is forecasting between 32,000 and 34,300 housing starts in B.C. in 2017. That includes over 10,000 single-detached homes.

“We’re working with communities to ensure we have safe, comfortable and affordable housing for as many British Columbians as possible,” said Coleman.

Meanwhile, the B.C. Real Estate Association predicts that market conditions will trend toward greater balance in the face of moderating demand in 2017.

Finally, a newly implemented 15% tax on foreign ownership and a 3% luxury tax on homes worth over $2 million should only help B.C. residents when purchasing their first home.

Questions? Lets chat.

Story via ~ Kelowna Now