Property Transfer Tax Exemptions

Starting April 1st, 2024, changes to the First Time Home Buyers (FTHB) exemption in British Columbia affect property purchases differently. For properties valued below $835,000, Property Transfer Tax (PTT) is waived on the first $500,000 of the fair market value (FMV), with PTT payable on the remainder. For instance, if a property's FMV is $700,000, PTT is calculated on $200,000 ($700,000 minus $500,000), saving the purchaser $8,000.

For properties valued between $835,000 and $860,000, a partial exemption applies, with specific details pending confirmation from the BC government.

Properties valued over $860,000 no longer qualify for the FTHB PTT exemption.The fair market value (FMV) threshold required to qualify for the Newly Built Home Exemption will rise from $750,000 to $1,100,000. Properties slightly exceeding this threshold can still benefit from a partial exemption. The phase-out range extends $50,000 beyond the threshold, meaning properties valued at over $1,150,000 will no longer qualify for the Newly Built Home Exemption.