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By Liam Verster

Housing Supports

B.C.’s first-time homebuyers program threshold increased

Apr 3, 2024 | 6:00 AM

British Columbians looking to purchase their first homes will have access to more savings, with incentives in place to get more housing built.

The threshold for the First-Time Homebuyer’s program has been increased from $500,000 to $835,000 in an effort to provide more people with supports to purchase a home.

As of Monday, April 1, people buying a home that costs up to $835,000 can receive an exemption on the property transfer tax on the first $500,000 of the homes value. Qualifying individuals may also be eligible for a reduced exemption for homes valued between $835,000 and $860,000.

“Everyone wants to find a home they can afford and build a good life in the community they love, but high property prices and interest rates have made this harder,” Katrine Conroy, Minister of Finance, said.

“We are taking action on the housing crisis at every opportunity. By making it easier for people to purchase their first home and encouraging home and rental building, we’re building on our actions to make housing more affordable and available for families across B.C.”

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It’s expected that raising the threshold will allow 14,500 people to access the program per year and save up to $8,000 in property transfer tax each.

In addition to helping people get into homes, the province is taking action to have more housing built in B.C.

The threshold for the newly built home exemption was increased from $750,000 to $1.1-million, which is expected to boost new home construction and help 10,400 individuals and families move into their own homes every year.

To support the construction of new purpose-built rental housing, qualifying new projects built between January 1, 2025, and December 31, 2030, may be eligible for an exemption from the general property tax. That would translate into $278,000 in general property transfer tax savings for the purchasing a purpose-built rental building valued at $10-million. These properties must be held as rentals for a minimum of 10 years.

The new measures are part of B.C.’s Budget 2024.