The increased threshold means that first-time buyers are now exempt from the tax on homes up to $500,000 rather than $475,000 previously. The move was introduced as part of the provincial government’s 2017 budget.
The increase has been welcomed by the British Columbia Real Estate Association but it is urging the government to index the exemption so that it increases annually.
The newly-increased exemption for first-time buyers also falls well short of the association’s recommended level of $750,000 which it was asking for during the budget consultation.
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A change to the property transfer tax threshold in British Columbia for first-time buyers has come into effect.