British Columbia implemented some new property transfer tax rules in April 2024. Here's a quick summary:
Good news for first-time homebuyers: The threshold for the exemption increased significantly. Previously, the first $500,000 of a property's value was exempt. Now, it's exempt up to $835,000, with a phase-out up to $860,000. This means significant savings for eligible first-time buyers.
New incentive for newly built homes: The exemption for newly built homes also got a boost. The fair market value limit for a full exemption increased from $750,000 to $1.1 million. There's also a partial exemption for properties valued up to $1.15 million.
Other considerations: These are just the highlights. Be sure to explore the details of the exemptions and if your purchase qualifies. Remember, there might be additional provincial taxes besides the property transfer tax.
