Changes to BC Property Transfer Tax (PTT) Exemptions
BC raises Property Transfer Tax exemptions! First-time buyers and new home buyers now qualify for higher limits starting April 1, 2024.
Recently, the BC Government announced changes to the First Time Home Buyer and Newly Built Home Property Transfer Tax exemptions.
In BC, Property Transfer Tax (PTT) is typically paid by buyers in most land transactions. However, there are specific exemptions, including those for first-time home buyers and individuals purchasing newly constructed homes. To qualify for these exemptions, both buyers and the property being transferred must meet specific criteria.
Effective April 1st, 2024, eligible first-time home buyers can benefit from the First-Time Home Buyer Exemption if the fair market value of the property is $835,000 or less – an increase from the previous limit of $500,000. This can be a significant benefit to buyers who want to enter the housing market.
There is also good news for buyers of newly built homes. Starting April 1st, 2024, qualifying buyers of a newly built home can be exempt from PTT on properties valued up to $1,100,000, an increase from the previous limit of $750,000. Partial exemptions are also available for new builds valued up to $1,150,000.
Should you need clarification or guidance on the tax exemptions, pleased don’t hesitate to reach out. Call me today!
