top of page
Recent Posts

2024 British Columbia Budget Highlights - Part 2/3: Transfer Tax Exemption Threshold Increases

Graphic with stacked coins with house figurines on top of each stack. Title reads 2024 British Columbia Budget What's New?

Part 2/3 - Transfer Tax Exemption Threshold Increase

This 3-part series breaks down the new budget introduced by British Columbia’s Finance Minister last week, which implements a few new items to note for the upcoming years. While there are no adjustments to corporate or personal tax rates in the budget, it does unveil a fresh home flipping tax for B.C. properties sold starting January 1, 2025, alongside raised thresholds for property transfer tax exemptions and an exemption for purpose-built rentals. 

Transfer Tax Exemption Threshold Increase

The budget brings good news for first-time home buyers and those purchasing newly built homes. Starting April 1, 2024, the threshold for property transfer tax exemption increases, but perhaps not high enough as the average home price in the major BC centers is significantly above this new level unless you're buying a condominium.

This means qualifying properties with a fair market value under $500,000 will be exempt from any transfer tax.

For first-time buyers, homes valued up to $835,000 are exempt, with the first $500,000 fully exempt from tax. A partial exemption applies for homes valued between $835,000 and $860,000, with no exemption beyond $860,000. This means qualifying properties with a fair market value under $500,000 will be exempt from any transfer tax.

A more meaningful increase can be found for first-time purchasers of new homes, the exemption threshold rises to $1.1 million for principal residences, with a phase-out starting at $50,000 above, and ending at $1.15 million. These changes aim to make buying homes more affordable for first-timers and those investing in new properties.

Access an overview of the new budget here. __________________________

Malahat Valuation Group specializes in business valuation and real estate appraisals to owners of privately owned companies and their professional advisors.

When owners need to leverage, sell or reorganize their assets, we answer the age-old question, "What is it worth?".

We provide our clients and their advisors peace of mind by preparing professional valuations that stand up to scrutiny from lenders, the Courts, and the Canada Revenue Agency.


Malahat Valuation Group Inc.

(250) 929-2929


bottom of page