Property Transfer Tax Benefits for New Homes

At the end of February, the Government of British Columbia announced 3 major changes to the provinces Property Transfer Tax (PPT) framework. These changes bring beneficial exemptions up to a certain threshold for new home buyers.

Previous to the changes, a $1,100,000 home would be subject to a PPT of approximately $20,000. As of April 1, 2024, if you purchase a newly built home with a fair market under $1,100,000 the property is excempt from PPT.

This means that the purchase of a new home under the threshold of $1,100,000 saves you tens of thousands of dollars when it comes to closing costs, and more cash in your pocket.

Newly built homes that have a fair market value between $1,100,000 and $1,150,000 are also impacted by the new changes, and there are partial PPT exemptions within this range.

Additional changes to the provincial PPT include benefits for first-time home buyers and purpose-built rental housing.

To read more about these changes visit gov.bc

Kimberley Homes is currently building new homes that fall within these thresholds in Morningview on Middleton in Coldstream B.C. Contact our team to learn more about our quick possession homes, or build your own custom home on the lot of your choice!