Great News! Property Transfer Tax Exemption Rule Changes

In their final budget before the elections, the Provincial Govt has introduced a range of new housing measures aimed at alleviating housing affordability in British Columbia.

For the much maligned Property Transfer Tax, long overdue improvements have been made. First Time Buyers purchasing homes valued up to $835,000 get rebated $8000. Partial exemptions will apply up to $860,000. Previous limit was $525,000.

Furthermore, buyers of newly built homes valued up to $1.1 million (previously $750,000) will pay no Transfer Tax at all,

On the flip side though, a "house flipping" tax will come into effect on Jan 1 2025 for homes sold withing 2 years after purchase.