Buying a home this spring? You can now get a BC tax credit if it's under this amount

BC’s first-time homebuyers’ program officially expanded on April 1, meaning people house-hunting in the province are now eligible for a tax exemption when purchasing homes costing $835,000 or less.

The provincial government announced the program would expand this year, moving the purchase threshold for tax exemptions from the $500,000 range to an $835,000 price point.

Qualifying first-time buyers now don’t have to pay property transfer tax on the first $500,000 of a home priced up to $835,000. Partial exemptions are available for homes costing up to $860,000.

Properties purchased for $500,000 or less by first-time buyers are completely exempt from land transfer taxes.

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The province estimates the changes will help nearly 15,000 people in BC, saving them up to $8,000 when purchasing their first home.

“For many, buying a home is the largest purchase they will ever make, and property prices are making it harder. Every little bit helps,” the government said in a news release.

The change was part of a collection of new policies announced in BC’s 2024 budget.