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.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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