The provincial government’s increase to the property transfer tax exemption threshold for first-time buyers is garnering praise.
The threshold will go from $475,000 to $500,000.
“We are encouraged that this government is paying attention to the needs of first-time homebuyers,” said Anthony Bastiaanssen, Okanagan Mainline Real Estate Board president.
“We welcome this increase, although it would make sense to index this threshold and all others related to the property transfer sax, so that homebuyers aren’t left behind when the market moves as it did this past year.”
The B.C. Real Estate Association recommended in January that the first-time buyer exemption be increased to $750,000, a number that would align with the exemption for newly-built homes and the B.C. Hone Partnership program.
“Low housing supply impacts affordability, so it’s also encouraging that the government is planning to partner with local governments to increase housing supply,” said Bastiaanssen.
