BREAKING NEWS - Bigger savings are coming for BC Home Buyers starting April 1, 2024, as announced in the 2024 Provincial Budget yesterday!
1️⃣ First-time home buyers’ program:
The first-time home buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
Full exemption: Effective April 1, 2024, if buyers meet all of the requirements, then the purchaser will be exempt from property transfer tax on the first $500,000 of the purchase price of the property with a fair market value of $835,000 or less.
Partial exemption: Your buyers may qualify for a partial exemption from the tax if the property has a fair market value of more than $835,000 but less than $860,000 (effective April 1, 2024).
2️⃣ Newly built home exemption:
Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.
Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase-out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers.
The Budget estimates that the number of buyers eligible for the exemptions will double, to about 14,500 people each year, with a maximum savings of $8,000 on a single purchase.
Email: jennamortgagebroker@gmail.com
Cell: 250-318-7614
Fax: 866-863-0427
Email: jennamortgagebroker@gmail.com
Cell: 250-318-7614
Email: jennamortgagebroker@gmail.com
Cell: 250-318-7614 Fax: 866-863-0427