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In February, BCREA welcomed the provincial government’s assistance for first-time homebuyers.




Effective February 19, 2014, the Property Transfer Tax (PTT) exemption threshold under the First Time Home Buyers’ Program increased to $475,000 from $425,000. The government estimates that about 1,700 first-time buyers will benefit this year, saving an average of $4,000 (and up to $7,500).


This news demonstrates the government’s recognition of the housing affordability challenges in BC. It also aligns well with the concerns of REALTORS®, who consistently rate the PTT as their top public policy priority.


The PTT applies to real estate transactions at a rate of 1% on the first $200,000 and 2% on the remaining fair market value. BCREA has lobbied against the PTT since it was introduced in 1987. More information about BCREA’s public policy position is available at


Till next time ...



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