And even given the prices we are noticing strong first time buyer activity in part due to last years changes to the first time buyer's exemption rules under the Property Transfer Tax Act. With the increase in the full exemption being available to a purchase price of $425,000 and a declining exemption on purchase prices between $425,000 to $450,000 there is more product within reach for first time buyers. The saving on a $425,000 home is significant - $6500!

In addition, all restrictions relating to mortgage financing have been eliminated. Previously first time buyers were required to borrow at least 70% from an arms length lender and there were restrictions on the amount of the mortgage that could be paid back over the first 12 month of home ownership. Now, the Bank of Mom & Dad can lend a hand to finance any amount and the exemption is still available.

Whether buying or selling a home or taking an assignment of an existing contract on property under construction there are lots of issues that may arise. The best advice I can provide is to make sure you put together a team of professional advisors. Realtors, mortgage brokers and lawyers are there to protect your interest - make sure you get them all involved in the process as early as possible.

Bell Alliance is a Vancouver law firm serving the legal needs of individuals, families and small business. We have a unique approach to the practice of law. Our expertise is Real Estate, Estate Planning and Business Law - but our mission is to serve as both a personal and professional advisor and to work with our clients' other advisors to protect our clients' interests.