BRITISH COLUMBIA NEW BUDGET IN 2024 ADDRESSES HOME FLIPPING AND PROPERTY TRANSFER TAX.
BC Home Flipping Tax
As part of the Homes for People plan, and to discourage speculators from driving up prices, Budget 2024 introduces the new BC Home Flipping Tax, effective Jan. 1, 2025. This will be a tax on the profit made from selling a residential property within two years of buying it, with specific exemptions for life circumstances, such as divorce, death, illness and relocation for work, among others. Revenue from the tax will go directly to building affordable housing throughout B.C.
Property Transfer Tax exemptions addressed in this years budget.
For many, buying a home is the largest purchase they will ever make, and property prices are making it harder. Every little bit helps, and Budget 2024 aims to give people the financial boost they need to bring buying a home within reach, including:
- Increases to the threshold for the First Time Homebuyers’ Program so it reflects today’s market:
- Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. That could mean as much as $8,000 in savings.
- An estimated 14,500 people – twice as many as before – will now be eligible for support to buy their first home, helping them move out of the rental market and freeing up rentals for others.
- People buying newly built homes worth up to $1.1 million will also see lower costs through the newly-built-home exemption.
This is great news! Previous first time buyer Property Transfer Tax exemption was up to $500,000 with a partial exemption up to $525,000. In the Greater Vancouver Market there is not a lot family can buy for $525,000. The new tax incentive will help buyers looking to purchase first time home up to $1.1M dollars. Buyers will save a minimum of $8000.00 on this tax.
A full outline of the BC Budget
Buying a New Townhome with the new Tax Exemption
Buyers can now take advantage of this new incentive, and purchase newly build homes. You are not saving a lot, but you are saving on the Property Tansfer Tax which could save you up to $18,000 on your purchase.
All residential homes are subject to a Property Transfer Tax which is:
- 1% of the fair market value up to and including $200,000
- 2% of the fair market value greater than $200,000 and up to and including $2,000,000
- 3% of the fair market value greater than $2,000,000
Townhomes where you could save on the Property Transfer Tax
Address: 724 Lea Ave, Coquitlam
Neighbourhood: Burquitlam
Samer, the latest strata residential development from Domus Homes coming soon to West Coquitlam. Domus will consists of three 3-storey woodframe buidlings which will offer 2 and 3 bedroom home options. Twelve floor plans range from 912-1767 square feet, including third floor balconies for street facing homes and rooftop patios for courtyard-facing homes.
Address: 588 Kemsley Street, West Coquitlam
Nearest Skytrain Station: Burquitlam Station
Neighbourhood: Burquitlam
Developer: Qualex-Landmark’sHomes at Botanica range from 1, 2 and 3 bedroom homes, with contemporary design With two desigern colour palettes to choose from you can customize the home to have the look you want.
Nearest Skytrain Station: Burquitlam Station 
Neighbourhood: Burquitlam
Developer: Foster Living
The Grove, developed by Foster Living, is a collection of 49 conventional and stacked townhomes, located at Aspen Street and Foster Avenue in the Burquitlam-Lougheed neighbourhood of West Coquitlam.
Address: 509 2nd Street East, North Vancouver
Nearest Transit: Sea Bus Lower Lonsdale
Neighbourhood:Lower Lonsdale North Vancouver
Developer: Wall Financial
Located at 2nd Street East & St. David’s Avenue in Moodyville, North Vancouver A total of 48 homes with two and three bedroom options built to LEED gold standards. A shortwalk to the newly enhanced Moodyville Park and 7 minute walk to North Vancouvers Brewer’s Row.
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