As of April 1, 2024, the threshold for the exemption to the property transfer tax for first-time homebuyers is being lifted from properties costing half a million dollars to $835,000. Properties with a fair market value of under $500,000 will be completely tax-exempt.
Newly built homes valued under $1.1 million will also see a property transfer tax exemption as of April 1, raising the threshold for the tax break from $750,000.
This is exciting news for first time home buyers. When changes are made, it’s a great time to start discussions on different points of views. Will this make a difference in housing affordability? Thoughts?
I can’t help but wonder if this will put upward pressure on pricing on the Sunshine Coast BC leading into April and May. Buyers are gaining confidence and some positive press doesn’t hurt! Now, we can only hope to see those interest rates drop later this year.