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Property transfer tax waiver doesn't fit market

VANCOUVER (NEWS1130) – It’s available in many housing markets but not so much in the Lower Mainland.  It is more difficult for first time Metro Vancouver homebuyers to get their property transfer tax waived because it’s harder to find a home under $425,000.

“Most first time buyers get into an apartment or an attached home of some type,” says Cameron Muir with the BC Real Estate Association.

He adds those looking for a detached home here could be out of luck.  And since the dollar figure is for the entire province he doesn’t see the transfer tax for a more expensive property being waived any time soon.

“I think that every few years that should be taken a look at to see whether first time homebuyers are losing ground at all.”

“Vancouver is certainly a very strange geography and there’s a lack of land supply,” Muir says.