A 2024 Review of Real Estate Changes in British Columbia.
Homeowner grant threshold
The threshold for the homeowner grant increased to $2.15 million in 2024.
Newly Built Home Exemption
The fair market value threshold for this exemption increased from $750,000 to $1,100,000, starting April 1, 2024.
This will help many more looking to purchase a townhome.
In the Lower Mainland ( for November 2024 ) the average cost of a townhome was $981,000. Newly built homes are prices slightly higher than the market prices, and therefore difficult to qualify at the previous benchmark.
Purpose-Built Rental Exemption
In the 2023 Budget, a limited exemption was introduced for purpose-built rental buildings, aiming to reduce the tax payable on properties valued over $3,000,000. Building upon this initiative, the 2024 Budget extends the exemption by providing a full exemption from the Property Transfer Tax (PTT) for purchases of new qualifying purpose-built rental buildings.
This move aims to incentivize the development of purpose-built rental properties and address housing affordability challenges by encouraging investment in the rental market.
Increased Property Transfer Tax Exemption Threshold
The property transfer tax exemption threshold for first-time home buyers and purchasers of principal residences increased from $500,000 to $835,000 effective April 1, 2024. Partial exemptions may exist if the home is purchased on April 1, 2024 or later, and has a fair market value of $860,000 or less (increase from $525,000).
BC Home Flipping Tax
This tax will apply to any residential property sold within two years of its purchase, starting January 1, 2025. There is a calculation that can be used. As the time gets closer to the two year mark the percentage of tax gets closer to zero.
Note – the BC Flipping Tax is separate from the Federal Flipping Tax
If a property is owned for less than 365 consecutive days, gains
The federal property flipping tax rule, in effect since January 2023, applies to gains from the sale of a property owned for less than 365 consecutive days. Under this rule:
Gains are treated as business income rather than capital gains, resulting in full taxation at the individual’s tax rate.
Principal residence exemption generally does not apply if the property is flipped, meaning it is no longer automatically tax-exempt if sold within the short period of time.
Changes to Short-Term Rentals
On May 1, 2024 the Province implemented a principal residence requirement which would limit short term rentals to:
The host’s principal residence
Plus one secondary suite or accessory dwelling unit on the same property.
To read more about authorized and unauthorized suites you can read my article on the specifics.
New Efforts to Fight Bad Faith Evictions
An online Portal was introduced July 18th, 2024 to help with “wrongful evictions”. Through this process the landlord must province info about new occupants moving into the home. They will also use this portal when serving notice. A unique notice ID will allow the BC government to complete “post-eviction compliance audits”. A full list of changes can be found on the Blog.