1. The B.C. government has announced plans to introduce a tax of up to 20 per cent on profits made when properties are sold within two years of their purchase. The 20 per cent rate will be in place for a year after purchase and will slide to zero between 366 and 730 days after the acquisition. The plan is to implement it for properties sold on or after Jan. 1, 2025. It will also apply to properties purchased before then.
2. The budget also introduced expanded property transfer tax exemptions, increasing the First Time Homebuyers Program threshold up to $500,000 on the purchase of a home worth up to $835,000. The province said the move would result in savings of up to $8,000 per purchase and would double the number of buyers that will benefit to approximately 14,500. In addition to this, the threshold for purchases on New Construction will be raised to include properties under 1.1million up from the previous limit of $750,000. This will take affect this April 2024.
2. The budget also introduced expanded property transfer tax exemptions, increasing the First Time Homebuyers Program threshold up to $500,000 on the purchase of a home worth up to $835,000. The province said the move would result in savings of up to $8,000 per purchase and would double the number of buyers that will benefit to approximately 14,500. In addition to this, the threshold for purchases on New Construction will be raised to include properties under 1.1million up from the previous limit of $750,000. This will take affect this April 2024.
If you are unsure if these new rules will affect you, reach out, and I will be happy to provide further insight into
these new changes.
