Property transfer tax exemptions
While the province is aiming a new tax at would-be speculators, it’s also unveiling a tax break for first-time homebuyers and rental housing developers.
As of April 1, 2024, the threshold for the exemption to the property transfer tax for first-time homebuyers is being lifted from properties costing half a million dollars to $835,000. Properties with a fair market value of under $500,000 will be completely tax-exempt.
Read the whole article here: B.C. Budget 2024: New house-flipping tax, help for first-time homebuyers | Globalnews.ca
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