BC Government Budget Affecting Real Estate

 BC Government Unveils New Housing Measures in 2024 Budget 

The BC Government has recently introduced a range of new housing measures in its 2024 budget, aimed at addressing the ongoing housing crisis in British Columbia.

BC Home Flipping Tax: Starting January 1, 2025, a new tax will be implemented on the sale of residential properties within two years of purchase, targeting speculative real estate practices. This move is expected to contribute to stabilizing housing prices and increasing the availability of affordable homes. Exemptions to the home-flipping tax will be available to people who face unavoidable life changes, including death and divorce, job relocation or loss, and people who are adding to B.C.’s housing supply.

Enhanced Property Transfer Tax Exemptions: Significant improvements have been made to make home ownership more accessible. The First Time Homebuyers’ Program has been expanded, with increased thresholds allowing more buyers to benefit from tax exemptions. This includes full exemptions for homes valued up to $835,000 and partial exemptions for those up to $860,000, potentially saving buyers up to $8,000. Furthermore, buyers of newly built homes valued up to $1.1 million will enjoy reduced costs, encouraging the purchase of new properties.