After a long wait, updates to the Property Transfer Tax (PTT) are here to help buyers save more on taxes! These changes kick in on April 1, 2024. There are several exemptions, but the two we work with most often are the First-Time Home Buyers’ Program and the Newly Built Home Exemption.

For First-Time Home Buyers, the PTT exemption threshold is being increased from the previous $500,000. While the government hasn’t given all the details yet, it seems that first-time buyers may now qualify for a partial exemption on homes priced up to $835,000, with a maximum rebate of $8,000. Previously, only homes under $500,000 qualified for a full exemption, and homes between $500,000 and $525,000 were eligible for a partial rebate. Above $525,000, there was no break at all. Now, homes up to $835,000 may be eligible for the same type of rebate as those under $500,000 used to be. A full exemption would’ve been ideal, but this is still great news!

The Newly Built Home Exemption is also seeing an increase, now covering new homes up to $1.1 million instead of the old $750,000 limit. This provincial incentive allows buyers to skip the PTT entirely on newly built homes. Combined with some federal GST rebates, it’s a significant savings opportunity for anyone looking at new builds. Beyond the tax break for buyers, this incentive also aims to support more new construction.

For more details on these exemptions, check out the Government of BC’s website.

As always, if you think you might qualify, it's a good idea to speak with both a lawyer and an accountant. And remember—if you don’t ask, you won’t know!

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