Big news for homebuyers! The Provincial Government released its 2024 Budget last month and there’s some very exciting news involving Property Transfer Tax Exemptions. Long overdue in my opinion!
Effective April 1, 2024, the first-time home buyers’ exemption threshold will be increased so that eligible first-time home buyers are exempt from the tax if they buy a home with a fair market value of up to $835,000. This is an increase from the previous threshold of $500,000. The exemption will apply to the first $500,000, with a phase-out range of $25,000 above the threshold. The exemption will be completely eliminated at $860,000.