Property Transfer Tax Exemption Thresholds Increasing in British Columbia

Effective April 1, 2024 the increased exemption amounts for the First-Time Home Buyer & Newly-Built Home exemptions will be as follows:

  • First-Time Home Buyer Exemption
    • First-time home buyers can now save up to $8,000 on Property Transfer Tax on eligible purchases with a fair market value of up to $835,000 (previously $500,000).
    • A partial amount of PTT is payable between $500,000 and $835,000, being the balance due after the $8,000 savings.
    • A reduced savings is available for purchases falling between $835,000 - $860,000. 

  • Newly-Built Homes (Presale) Exemption 
    • The exemption from Property Transfer Tax is increasing from $750,000 to $1,100,000 
    • A partial exemption is available between $1,100,000 and $1,150,000 
You can learn more about the full set of qualification requirements and Property Transfer Tax by clicking HERE

Reach out to us if you have any questions and how these savings can benefit you!