1st time Home Owner threshold increased to $375,000

British Columbia's 2007 Provincial Budget
Property Transfer Tax Act Amendments
Changes are Effective February 21, 2007


On February 20, 2007, the Minister of Finance announced amendments to the exemption for amalgamations, the exemption for transfers to the Public Guardian and Trustee on behalf of a minor, and the definition of a family farm corporation.  

First Time Home Buyers’ Program – Thresholds

Effective for registrations after February 20, 2007, the fair market value threshold for eligible residential property under the First Time Home Buyers' Program is increased and will apply throughout the province. The new threshold will be $375,000 which is increased from $325,000 in the Capital Regional District, Fraser Valley Regional District and Greater Vancouver Regional District, and from $265,000 in all other areas of the province. A proportional exemption is provided for eligible residences that have a fair market value of up to $25,000 above the new threshold.