If you’re buying a newly built home in British Columbia in 2024, you may qualify for the Newly Built Home Exemption, which significantly reduces or eliminates the Property Transfer Tax (PTT). This updated exemption threshold provides greater savings for homebuyers purchasing new homes, helping to make homeownership more affordable.

Understanding The Newly Built Home Exemption

Starting April 1, 2024, the threshold for the Newly Built Home Exemption increases from $750,000 to $1.1 million. Buyers of newly constructed homes valued at or below this amount can qualify for a full exemption from the PTT. For homes valued between $1.1 million and $1.15 million, a partial exemption applies. Homes valued above $1.15 million do not qualify for this program.

The exemption applies to newly built homes intended as a primary residence, which includes:

1. Newly constructed homes.
2. Substantially renovated homes (where 90% of the interior of the home is completely renovated).
3. Newly built strata properties​

​To qualify, buyers must meet eligibility requirements, including being a Canadian citizen or permanent resident. Additionally, the exemption is designed to assist first-time and repeat buyers in reducing the upfront costs of buying new homes, saving up to $20,000 depending on the property’s value. This initiative aims to encourage the purchase of new housing and support BC’s broader housing affordability goals. For further details, visit the BC Government’s page​.

How Can We Help?

Navigating the Newly Built Home Exemption process can be complex, especially with the recent changes. We specialize in real estate transactions and can help ensure you meet all eligibility criteria, prepahttps://www.kcnp.care the necessary documentation, and take full advantage of the available savings.

If you’re planning to buy a newly built home in 2025, let us guide you through every step. Contact KC Notary & Co. today to schedule a consultation. Together, we’ll make your dream home more affordable!