Having been sidelined in last year’s Budget, BC’s first-time buyers will save some money on Property Transfer Tax – if buying a home priced between $475,000 and $525,000
The BC government is raising the threshold for the first-time buyer Property Transfer Tax exemption to $500,000 from $475,000, finance minister Mike de Jong announced February 21 in the 2017 Budget Announcement. The partial exemption threshold has also increased to $525,000 from $500,000.
The changes will now affect more first-time home buyers by exempting, or partially exempting, those buying between $475K and $525K, and affected buyers will save up to $8,000, which is an increase of $500 from the previous system.
The new threshold will be effective for home purchase registrations made on or after February 22, 2017.
For more information on how to take advantage of this tax break, please contact Mick Lo at 604-430-2986.