New Changes to BC`s Property Transfer Tax

The BC government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ exemption program, qualifying first-time home buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 to $500,000. With this change, the BC government estimates 1,700 additional first-time home buyers will annually be eligible to save up to $7500 in PTT when they buy their first home. The BC government estimates this measure will cost $8 million in lost tax revenue each year. banner-01