First time Home Buyer Threshrold Change
First Time Home Buyers’ Program – Thresholds
Effective February 20, 2008, the fair market value threshold for eligible residential property under the First Time Home Buyers’ Program is increased. The new threshold is $425,000 which is increased from $375,000. A proportional exemption is provided for eligible residences that have a fair market value of up to $25,000 above the new threshold.
First Time Home Buyers’ Program – Elimination of Financing Requirements
Effective February 20, 2008, the financing requirements to qualify for the First Time Home Buyers’ (FTHB) Program are eliminated. This means that if a property is purchased on, or after, February 20, 2008, the purchaser is no longer required to meet any financing requirements to qualify for the FTHB program.
If a property is purchased before February 20, 2008, the purchaser must meet the financing requirements that were in place when he or she purchased the property. However, effective February 20, 2008, all purchasers (including persons who purchased their property before February 20, 2008) are free to pay down any amount owing on their mortgage and remain eligible for the exemption. For more information, please see Bulletin PTT 004, First Time Home Buyers’ Program.
Small Business and Revenue will be making their Version 18 of the PTT form available for download for EFS clients first thing in the morning of February 20. The new version of the form will be posted on the ltsa.ca website when it becomes available.