🏡 Great News for First-Time Home Buyers in British Columbia!
The NEW First Time Home Buyers’ Program is now in effect as of April 1, 2024! The property transfer tax exemption now includes homes valued up to $835,000 fair market value—increased from the previous $500,000 limit. This means you’re eligible for an exemption on the first $500,000 of your new home, which could save you up to $8,000.
👉🏻 Example: For an $800,000 home purchase, you would pay a total tax of $6,000 instead of $14,000 with this NEW program.
With more homes now qualifying, you have a wider selection as you search for your perfect home. Keep in mind, your new property must be your principal residence, and there are additional requirements that must be met in order to qualify. Some buyers may also be eligible for partial exemptions.
See more info on this program here: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers