Changes to Property Tax Exemptions for first-time buyers and new homes in BC

Changes to Property Tax Exemptions for first-time buyers and new homes in BC 

1. Starting on April 1, 2024, the threshold to be eligible for the first-time homebuyers’ exemption will be increased from $500,000 to $835,000, with the first $500,000 exempt from the tax. The phase-out range for the complete elimination of the exemption will be $860,000, while properties with a fair market value under $500,000 will be completely exempt. 

2. Also effective April 1, 2024, the newly built home exemption for buyers who purchase a new home for their principal residence will grow from $750,000 to $1.1M on the fair market value. Homes with a fair market value between $1.1M and $1.15M will see a phase-out range of the exemption. 

3. A brand-new PTT exemption will be introduced for buyers of qualifying rental housing buildings. This specific PTT exemption will apply to transactions for such buildings between January 1, 2025, and December 30, 2030. The goal of this change is to stimulate rental housing development. 

The provincial government anticipates these various exemptions will reduce transaction costs by over $100M per year. Even with the changes, PTT growth is expected to rise by an average of 8.6% annually over the next 2 fiscal years.

Carolyn Pogue Personal Real Estate Corporation
Port Moody REALTOR® + Burke Mountain REALTOR®

About Carolyn Pogue PREC* | Port Moody REALTOR® + Burke Mountain, Coquitlam Real Estate Agent:

As Team Lead of Pogue Real Estate Group in Port Moody, I pride myself on providing exceptional service, innovative marketing strategies and a relentless work ethic for all of our clients. My team and I proudly help families throughout Greater Vancouver, particularly within Port Moody, Burke Mountain, Coquitlam and Port Coquitlam.

At this stage of my career, I am fortunate that the majority of my clients come from referrals and repeat business. I work alongside my husband and business partner Brian, who is also a licensed REALTOR® and Chartered Professional Accountant. We take a family-first approach to real estate - being involved in our community and giving back is very important to us. We proudly support various organizations and charities which are close to our heart and this is part of what motivates us to continue to work hard every day.

Carolyn Pogue specializes in selling real estate in Port Moody, Burke Mountain and Coquitlam. Carolyn Pogue is rated one of the best Port Moody REALTORS®, one of the best Burke Mountain REALTORS® and one of the best Coquitlam REALTORS®*. Carolyn Pogue also specializes in selling Burke Mountain presale homes, Burke Mountain presale townhomes, Port Moody presale townhomes and Port Moody presale condos. 

Pogue Real Estate Group | Helping you find home

*Source: Rate-My-Agent.com