The BC government announces new property transfer tax exemptions for first time home buyers.
As of April 1, 2024, the threshold for the exemption of property tansfer tax ( PPT) for first time hoembuyers is being lifted from $500,000 to $835,000. Properties with a fair market value of under $500,000 will be completely tax exempt. The phase out range for the complete elimination fo the exemption will be $860,000. It is estimated that the number of buyers eligible for exemption will double to about 14,500 with a maximum siaving of up to $8,000 on a purchase.
Newly built homes valued under $1.1M will also see a PTT exemption as of April 1st, 2024, raising the threshold for the tax break from $750,000. Homes with a fair market value between $1.1M and $1.5M will see a phase out range of the exemption.
For more info contact Nina 604-763-8898