BC Budget Increases First-Time Buyer PPT Exemption Threshold

For the fourth time in as many years, the British Columbia Government announced in its yearly budget last week that it was increasing the threshold for the first-time buyer property purchase tax exemption. The exemption threshold will rise from $375,000 to $425,000, reflecting the increase in real estate prices throughout the province over the past year. A proportional exemption is available for properties purchased for between $425,000 and $450,000.

Another change: Previously, to be eligible, buyers also had to take a mortgage of at least 70% of the property’s value, and if within the first year of ownership paid down the mortgage to less than 70% of the home’s value, they would lose their exemption. This has been phased out, and the mortgage may be paid down by any amount within the first year without losing the exemption.

A video about the budget:

Tim Ayres

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Published by Tim Ayres

Tim Ayres is a Sooke and Victoria BC REALTOR®, with Royal LePage Coast Capital Realty. Tim is actively involved in helping clients buying and selling real estate in the southern Vancouver Island region. Tim is an active member of the Victoria Real Estate Board and served seven years (2009-2015) as a director, including serving as President in 2014.

One thought on “BC Budget Increases First-Time Buyer PPT Exemption Threshold

  1. I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

    Eric Hundin

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