New Property Transfer Tax (PTT) Rules - New Thresholds for Exemption
Currently, the First Time Home Buyer (FTHB) full exemption applies to properties with a fair market value (FMV) of less than $500,000, with a partial exemption for properties with a FMV of $500,000 to $525,000. 

As of April 1st, 2024, the FTHB exemption will apply to properties in a different way, and this is great news for many buyers. 

For properties with a FMV of less than $835,000, PTT is not payable on the first $500,000, but payable on the difference between the FMV and $500,000.

For example, if the FMV of the property is $700,000, PTT paid would be 2% of $200,000 ($700,000 less $500,000).

Not paying PTT on the first $500,000 saves buyers a total of $8,000

If the property has a FMV between $835,000 and $860,000, then a partial exemption applies, the details of which are not yet confirmed by the BC government. 

If the FMV of the property is over $860,000, then there is no FTHB exemption.

Increased Threshold for Newly Built Home Exemption (Presales)

Effective April 1, 2024, the FMV threshold to claim the Newly Built Home Exemption will be increased from $750,000 to $1,100,000.

For example, a purchase at $1.1M would save $20,000 in PTT!

Just keep in mind that presales are subject to 5% GST and the total purchase price (GST included) is what is considered for the exemption.

A partial exemption is also available for properties with a FMV under $1,150,000. The details of the exemption are also yet to be confirmed by the BC government.

Properties with a FMV of greater than $1,150,000 will not be able to claim the Newly Built Home Exemption.

How to create a safe and stylish space: A home design guide for new parents

When young families choose furniture and décor for their home, there’s a lot more to consider than just the aesthetic of the pieces. When little hands and feet are a part of the equation, furniture safety and durability is a top priority for parents.

Fortunately, you don’t have to compromise style for safety – achieving both is entirely possible. By making informed choices and focusing on design durability, functionality and style, you can create a space that is both visually appealing and family-friendly.

Let’s explore four key home styling considerations for new parents:


When choosing furniture and décor, it’s essential that it can withstand life with kids. Even if your little one is not yet on their feet, it won’t be long before they’re exploring – and this can get messy.

To prepare for the inevitable, select furniture with the understanding that children will come into contact with it, often with sticky hands or colouring tools. Consider protective sprays for fabrics, opt for colours that camouflage stains, and be open to second-hand pieces until your children are old enough to handle your furniture with care. Additionally, choose a non-toxic washable paint that can withstand the test of little fingerprints and other signs of childhood on your walls.


Embrace a non-traditional mindset when arranging your living spaces. Before investing in bedroom furniture for a new baby, consider where you and your child will be most comfortable. You might find that a mattress on the floor is the unexpected choice for the first few years of your child’s life. 

Also be mindful of multi-functional pieces instead of furniture and décor with a single purpose. An example of this is securing a baby change mat to a dresser instead of purchasing a change table that, unless repurposed, will be impractical when diaper days are over.

When deciding on a safe space for your child to play, consider creating small, dedicated corners for toys and activities in different rooms as opposed to a designated playroom. This will allow your child to be within your sight as they play, and any extra space you have leftover in the home can be utilized by the whole family.

Don’t forget to squeeze in storage solutions wherever possible to maintain an organized and functional home.


As a parent, keeping your children safe is your top priority. Here are some general safety precautions you can take to make your home safer:

  • Secure shelves, dressers, and any other large pieces of furniture to the wall to prevent them from tipping over.
  • Place hazardous items like cleaning solutions and sharp objects out of reach or in cabinets or drawers secured with child locks.
  • Be cautious around sharp edges and corners – opt for protective covers, or if possible, furniture with rounded edges.
  • Ensure all cables, strings and ties are properly secured to prevent strangulation. 
  • Lock all windows and doors to prevent accidents.


From modern to boho, traditional or eclectic, your personal style can still shine through in your home when you have kids. Children’s toys, clothing, furniture and décor have come a long way over the past decade, which means you can find items that mimic your tastes while fulfilling their purpose as durable, functional pieces. 

Choose storage solutions for toys, games and other kids activities that match your interior aesthetic. Utilize baskets and containers that lend to the style of your space rather than the traditional bright and colourful pallets often associated with kids’ design.

Something style-conscious parents can get excited about: the washable rug! There are several companies now offering rugs of all sizes and designs that can be thrown right into the washing machine – a DREAM when you’ve got little ones running around. No need to cry over spilled milk… Or anything else for that matter!

Creating a safe, stylish and practical space that aligns with your family’s taste is achievable. With a thoughtful blend of durability, functionality and style, you can welcome a baby into a house that feels like home.

Royal LePage

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