What Is the First-Time Home Buyers’ GST Rebate?

The First-Time Home Buyers’ GST Rebate (FTHB GST Rebate) is a new federal measure that eliminates or reduces the Goods and Services Tax (GST) on newly constructed homes for qualifying first-time buyers. This rebate is part of the government’s broader housing affordability strategy and is expected to deliver $3.9 billion in tax savings to Canadians over five years, starting in 2025-26.

Key Highlights of the Rebate:

• 100% GST Rebate on New Homes up to $1 Million
  

  First-time home buyers will receive a full rebate of the federal GST on homes valued up to $1 million—a potential savings of up to $50,000.

• Scaled Rebate for Homes Between $1M and $1.5M
  

  The rebate gradually decreases for homes priced between $1 million and $1.5 million. For example, a $1.25 million home would qualify for a 50% rebate, or up to $25,000 back.

• No Rebate for Homes Over $1.5 Million

  Homes priced at $1.5 million or more do not qualify under this new rebate.

Who Qualifies?

To be eligible, you must meet all the following criteria:

• Be at least 18 years old

• Be a Canadian citizen or permanent resident

• Not have owned (or lived in a home owned by you or your spouse) in the current or previous four calendar years

• Intend to use the new home as your primary residence

What Types of Homes Qualify?

The rebate applies to:

• Newly built homes purchased from a builder

• Owner-built homes, including those constructed by hiring contractors on owned or leased land

• Shares in co-operative housing corporations (co-ops)

At least one purchaser must be a qualifying first-time home buyer, and they must be the first occupant of the home.

Important Dates to Know

To benefit from this rebate:

• Purchase agreements must be signed on or after May 27, 2025, and before 2031

• Construction must begin before 2031 and be substantially completed before 2036

Additional Rules and Limitations

• You can only claim the rebate once in your lifetime.

• Your spouse or partner must not have claimed the rebate previously.

• You cannot qualify if the original agreement of purchase and sale was signed before May 27, 2025—even if it’s reassigned or altered later.

What This Means for First-Time Buyers

This is a major financial incentive for those entering the housing market. In today’s competitive real estate environment, up to $50,000 in tax savings can make a meaningful difference—whether it helps increase your budget or reduce upfront costs.

Not only does this rebate provide direct support to buyers, but it’s also designed to stimulate construction, increasing housing supply across the country.

As a licensed realtor with deep market knowledge, I can confidently say this rebate will open doors for many prospective buyers. If you’re considering buying a new home for the first time, this is the perfect time to start exploring your options. Let’s make sure you’re not only eligible but also positioned to take full advantage of these savings.

Let’s Talk About Your First Home.

If you're a first-time buyer and curious about your options under this new rebate program, get in touch. I’m here to help you navigate the process from start to finish—with clarity, confidence, and care.

Contact me today for a personalized consultation.

Your path to homeownership just became more affordable—and I’m here to help you make the most of it.

For more detailed information on the FTHB GST Rebate, please refer to the official announcement by the Department of Finance Canada: Canada.ca

As of May 2025, British Columbia's real estate landscape continues to evolve, with strata wind-ups becoming an increasingly relevant topic for property owners, prospective buyers, and real estate professionals. A strata wind-up refers to the voluntary termination of a strata corporation, often initiated to facilitate redevelopment or address significant maintenance challenges. Understanding the rules and processes surrounding strata wind-ups is crucial for all parties involved.

What You Need to Know About Strata Wind-Ups in BC

As property values rise and aging strata buildings become increasingly costly to maintain, more owners across British Columbia are exploring a lesser-known—but powerful—option: strata wind-ups. If you're a condo owner, potential buyer, or investor, understanding this process is critical to making informed real estate decisions.

In this post, I’ll break down what a strata wind-up involves, how it affects both owners and buyers, and what you should consider before proceeding with or purchasing into a building undergoing a wind-up.

What Is a Strata Wind-Up?

A strata wind-up (also known as a termination) is the legal process of dissolving a strata corporation and selling the property as a whole—typically to a developer interested in redeveloping the land.

This is often considered when:

• Major repairs are financially unfeasible

• The land’s redevelopment potential exceeds its current use

• Unit owners collectively see higher returns from a sale than maintaining the status quo

Since legislative changes in 2016, a wind-up no longer requires 100% owner approval—only 80%, plus BC Supreme Court confirmation, is now required.

Key Legal Requirements

Under the Strata Property Act, the process includes:

• 80% Approval: At least 80% of all registered owners (not just those who vote at the meeting) must approve the wind-up resolution.

• Court Confirmation: The BC Supreme Court must confirm the decision—ensuring fairness and protecting minority rights.

• Professional Oversight: Legal counsel, real estate professionals, and sometimes a court-appointed liquidator help manage the sale and financial distribution.

How Are Proceeds Distributed?

Many clients ask: Will I get more if I renovated my unit?

Unfortunately, no. Proceeds are generally distributed based on:

• Unit entitlement (proportional square footage)

• Or, in some older stratas, Interest Upon Destruction schedules

Upgrades (like new kitchens or flooring) do not increase your share of the sale proceeds.

Why Strata Wind-Ups Are on the Rise

More strata corporations are exploring wind-ups for good reason:

• Stratas’ nearing end-of-life require major capital repairs

• Insurers may limit coverage on deteriorating buildings

• Redevelopment offers owners a potentially much higher payout than listing their units individually

This is particularly common in older buildings located in transit-oriented areas or zones with increasing density allowances.

What Owners & Sellers Need to Know

If you're a strata lot owner:

• You can still sell your unit privately during a wind-up process

• Your unit will remain subject to strata bylaws and obligations until the transaction completes

• You'll still be responsible for maintenance and special levies during the process

• You may be able to negotiate occupancy after sale, such as rent-free or short-term tenancies post-closing

Also, once the sale is complete, remaining contingency reserve funds or special levies are distributed along with the sale proceeds.

What Buyers Should Consider

If you're considering purchasing in a building undergoing (or at risk of) a wind-up:

• Review minutes and AGM/EGM documents carefully

• Ask your agent or lawyer if a wind-up resolution has been passed or proposed

• Understand that tenancies may not be permitted post-sale

• Your financing and occupancy could be affected if the sale is in progress

It’s always advisable to work with a real estate professional experienced in pre-sale and resale markets, as well as redevelopment properties.

FAQs: Strata Wind-Up in BC

Q: What’s the typical timeline?
A: From initial exploration to sale closing, expect 12–18 months.

Q: Who determines the value of the land?
A: Professional appraisers and commercial brokers assess redevelopment value.

Q: Can council start the process without owner approval?
A: Council can initiate exploration, but must consult owners and secure funding via ¾ vote.

Q: What happens to rental units in the building?
A: In most cases, tenancies are ended at closing unless terms are negotiated with the buyer.

Q: What does the court consider before confirming a wind-up?
A: Owner interests, fairness, and potential confusion or hardship if the wind-up is approved or denied.

Additional Resources

For more detailed information on the strata wind-up process, including step-by-step guidance and legal considerations, visit the Government of British Columbia's official page on Termination (Winding Up) a Strata Corporation.

When you buy or sell property, knowing how value is determined is crucial. Homeowners and real estate investors often come across two important terms: BC Assessment and Market Value. Although both are central to the property landscape in British Columbia, they have different meanings and implications.

By understanding these differences, homeowners and investors can make more informed choices regarding property transactions, taxes, and future investments.

What is BC Assessment?

BC Assessment is a provincial agency tasked with evaluating all properties in British Columbia. The organization assesses about 2.5 million properties annually, applying standardized methods to ensure fairness and consistency in property taxation.

The main goal of BC Assessment is to estimate a property's value as of July 1 of the previous year. This process helps local governments set property tax rates, which affects funding for schools, roads, and other public services.

The assessment relies on data from property sales, characteristics, and overall market trends. However, it does not account for recent market changes, such as renovations, neighborhood development, or unique property features. For example, a home that received an extensive renovation could still be valued based on its past state, leading to a discrepancy in its current value.

What is Market Value?

Market value is the price that a willing buyer would pay for a property in an open market. It reflects real-time conditions and encompasses various factors, including property demand, location, buyer sentiment, and any improvements made to the property.

Market value is more fluid and can change quickly based on economic trends and local developments. For instance, if a nearby school district improves its performance, demand for homes in that area might rise. Real estate agents often conduct comparative market analyses (CMAs) to determine market value by evaluating recently sold similar properties.

Understanding market value is essential for buyers aiming to make competitive offers and for sellers looking to price their property effectively for a timely sale.

Key Differences Between BC Assessment and Market Value

While both BC Assessment and Market Value aim to establish a property's worth, they do so through different lenses and for different purposes.

1. Purpose of Valuation

• BC Assessment: Used primarily for taxation, ensuring that property owners pay a fair tax based on standardized practices across the province.

• Market Value: Focused on facilitating real estate transactions, helping buyers and sellers agree on a fair price.

2. Assessment Methodology

• BC Assessment: Relies on historical data and property characteristics, based on a set assessment date. It adheres to provincial guidelines for uniformity.

• Market Value: Uses real-time data, factoring in recent sales, current trends, and unique property features, yielding a more dynamic value.

3. Frequency of Updates

• BC Assessment: Updated annually, but may not reflect immediate changes from market fluctuations or property enhancements.

• Market Value: Can change daily, adapting to current demand and economic factors.

4. Impact on Owners

• BC Assessment: Affects property tax obligations, which can lead to disputes if assessments are viewed as unfair.

• Market Value: Influences the price of properties during negotiations, enabling sellers to maximize returns while helping buyers secure a fair deal.

When to Rely on BC Assessment vs. Market Value

For those looking to understand tax obligations, BC Assessment offers a detailed perspective. It is important for planning budgets and, if necessary, contesting an assessed value if you feel it fails to represent your property's worth accurately.

On the flip side, when engaging in property transactions, it is essential to grasp market value. Buyers should be aware of current market trends and consult professionals for insights through CMAs. Sellers should be cautious about pricing their properties solely based on BC Assessment, as it may not reflect the true market reality.

How to Use Both Values in Decision-Making

Navigating property decisions can be confusing. Here’s how to effectively use both BC Assessment and Market Value in various scenarios:

For Buyers:

1. Initial Research: Begin with BC Assessment to get a general idea of value trends in the area.

2. Current Trends: Look at market value through CMAs for an accurate understanding of the current market, allowing for a competitive offer.

For Sellers:

1. Tax Preparation: Monitor your BC Assessment results for any tax-related inquiries throughout the year.

2. Pricing Strategy: Use market value as a primary benchmark for setting your listing price, ensuring it aligns with current buyer expectations and market trends.

Final Thoughts on Property Valuation

Differentiating between BC Assessment and Market Value is essential for anyone involved in real estate in British Columbia. While BC Assessment is vital for tax purposes, market value captures the ever-changing dynamics of property worth in a competitive market.

By equipping yourself with this knowledge, you can make informed decisions that align with your financial goals. It’s beneficial to stay updated on these assessments to navigate the property landscape effectively.

Your 2025 BC Assessment is Now Online!

Curious about your home's current assessed value?  Access it effortlessly: 

View Your Assessment Now

For a precise and bespoke market evaluation tailored to your property, connect with me today!

Request Your Exclusive Market Evaluation

When selling a home, first impressions are incredibly important. In a competitive real estate market, home staging has become a vital strategy that can greatly influence sale prices. Home sellers need to realize that a well-staged home not only attracts potential buyers but can lead to higher offers. This post explores how staging homes affects sale prices, providing actionable insights that can benefit home sellers.

The Art and Science of Home Staging

Home staging is about preparing a property for sale in the real estate market. It involves depersonalizing and decluttering spaces, enhancing visual appeal, and creating a welcoming atmosphere. The goal is to help potential buyers envision themselves living in the home.

Staging combines art and science, requiring an understanding of design principles and market trends. Professional stagers utilize these elements to craft spaces that feel inviting and functional. For example, a staged living room can create an illusion of more space, making it appear larger than it is. This approach often leads to quicker sales and possibly higher offers, making it a smart investment for anyone thinking of selling.

Why Staging Matters: The Numbers Speak

Numerous studies show that staged homes can sell for 10% to 20% more than non-staged homes. For instance, if a home is listed at $700,000, staging could result in an additional $70,000 to $140,000. This financial difference can be crucial for first-time sellers with limited budgets. Staging fosters an emotional connection with buyers, encouraging them to submit higher offers.

Moreover, staged homes spend significantly less time on the market. According to the National Association of Realtors, staged homes sell 73% faster than those that are not staged. For first-time buyers eager to move into their dream home quickly, this streamlined process is invaluable.

Understanding Your Target Audience

To maximize return on investment through staging, sellers should consider their audience. For example, a family-friendly home should feature practical layouts and child-friendly decor. A city apartment could focus on modern, minimalistic designs that highlight space and amenities.

By recognizing the demographics of potential buyers, sellers can tailor their staging efforts. For instance, if targeting young professionals, a bright and trendy design using open spaces and contemporary furniture can enhance buyer interest. Sellers aware of what first-time buyers seek can significantly boost their chances of a successful sale.

Key Staging Techniques That Maximize Sale Prices

1. Decluttering and Cleaning

Decluttering and cleaning every corner of the home is essential before staging. Removing excess items helps create a sense of calm and makes spaces feel larger.

A tidy environment allows prospective buyers to imagine themselves in the space without distractions. This first step is crucial for anyone considering selling their home for the first time.

2. Neutral Color Palettes

A neutral colour palette is an effective staging strategy. Bold or unusual colours can make it difficult for potential buyers to envision their style in the home.

Painting walls in soft, neutral tones creates an inviting backdrop that appeals to various tastes. When potential buyers walk into a home painted in calming shades like beige or light grey, they can imagine personalizing the space without feeling limited by vibrant colours.

3. Proper Furniture Arrangement

Strategic furniture arrangement is key in staging. It can make rooms appear larger and more functional.

Consider the flow of the space and emphasize its best features. For example, positioning a sofa towards a large window can create a stunning focal point, drawing the buyer’s eye and enhancing the room's appeal.

4. Accessorize Thoughtfully

Accessories can enhance a staged home’s aesthetics. Items such as cushions, artwork, and rugs add character without overwhelming the space.

However, it’s crucial to use moderation. Over-accessorizing can lead to clutter, which diminishes the positive effects of staging

5. Highlighting Outdoor Spaces

Don't overlook outdoor areas when staging. Curb appeal can often draw buyers in initially.

Creating an appealing outdoor space with seating, decorative planters, or tidy landscaping can increase the overall attractiveness of the property. For instance, a cozy patio with stylish outdoor furniture can entice buyers to visualize gatherings and relaxation in that space.

Understanding the Cost vs. Value of Staging

While staging requires investment, the return can be substantial. Sellers should weigh the costs of hiring professional stagers against the potential boost in sale price. Many sellers find that staging expenses are outweighed by faster sales and higher offers.

First-time sellers might also consider DIY staging as a budget-friendly option, using their own furnishings and decor thoughtfully to present the home attractively.

Moving Forward in Your Home Selling Journey

In today’s competitive real estate landscape, staging your home is not just beneficial; it is a necessity for anyone considering a sale. By investing time and resources into staging, sellers can enhance their property’s appeal to first-time buyers, setting themselves apart in a crowded market.

For anyone preparing to list their home, understanding the impact of staging on sale prices can lead to informed decisions and positive outcomes. A staged home doesn’t just display a property; it shares a vision of a lifestyle waiting to be lived. By presenting a space that resonates with buyers, sellers can maximize sale prices and create a memorable home-selling experience.

As of January 1, 2025, the British Columbia (BC) home flipping tax will take effect, marking a significant shift in the province's real estate scene. This initiative aims to address the growing concerns about housing affordability and curb speculative practices in the housing market. Homeowners and potential buyers must stay informed about this tax, as it could greatly affect investment choices and ownership obligations.

What is the BC Home Flipping Tax?

The BC home flipping tax is aimed at individuals who sell a residential property within 12 months of purchasing it. The goal of this policy is to deter speculative buying and selling, often referred to as "flipping." Such practices tend to inflate property values, making homes less accessible for local residents.

Essentially, this tax functions as a capital gains tax on profits made from selling a home within that one-year timeframe. If you sell the property during this period, expect to pay a significant tax on your profits. For instance, if you buy a home for $500,000 and sell it for $600,000 within the year, you could face a tax bill based on the $100,000 profit.

Who is Affected by This Tax?

The home flipping tax impacts a variety of individuals, primarily investors and those looking to buy and sell properties for profit. It is especially important for:

• Real Estate Investors: These individuals often purchase homes as short-term investments, renovate them, and resell quickly. According to studies, about 25% of real estate transactions in urban areas are driven by investor flipping.

• Homeowners Selling Their Residence: Homeowners who sell their new properties within a year may find their profits significantly reduced due to this tax. For example, a homeowner might intend to upgrade their living situation but end up losing money instead.

• First-Time Home Buyers: Prospective buyers should be aware that this tax may influence market conditions, possibly making it tougher to find reasonably priced homes.

Key Features of the BC Home Flipping Tax

Understanding the nuances of the BC home flipping tax is vital for homeowners and buyers alike. Here are the main points to consider:

1. Profit Taxation

Profits from the sale of the property within the first year of ownership will be taxed at your income tax rate. This means you could owe a significant amount to the government if you turned a big profit from your sale. For example, those in the 30% tax bracket could face a $30,000 tax bill on a $100,000 profit.

2. Exemptions to Consider

Certain exemptions may apply under the new tax guidelines. Properties that are inherited or sold due to financial hardship may be exempt from the home flipping tax. Familiarizing yourself with these exemptions can significantly help in planning your financial strategy.

3. Primary Residence Exemption

If the property being sold was your primary home for the entire ownership period, you may not have to pay this tax. This exemption aims to protect homeowners who must move for personal or job-related reasons.

4. Impact on Investment Strategies

For investors, the home flipping tax will likely necessitate changes in strategy. Holding onto properties for more than 12 months may become the norm to avoid unexpected tax issues.

The Implications for the Housing Market

The BC home flipping tax is expected to have several implications on the housing market:

1. Reduction in Speculation

This tax aims to reduce speculative practices, creating a more stable housing market where property values reflect genuine demand, not just quick resale profits.

2. Influencing Seller Timing

Homeowners might reconsider selling their property within the first year of ownership. This could slow down the number of transactions, potentially contributing to a more stable and balanced market.

3. Changes in Housing Prices

With speculation likely to decrease, housing prices may stabilize or even dip in areas where flipping has inflated costs. Recent studies have shown that areas with high flipping rates often see price corrections due to increased market stability.

Steps for Homeowners and Buyers

As the BC home flipping tax is set to be implemented, homeowners and potential buyers should take proactive steps:

1. Educate Yourself

Understanding the details of the new tax is essential. Read official resources, attend community workshops, or consult financial professionals to grasp how this tax may affect your circumstances.

2. Plan Your Real Estate Moves Carefully

Consider keeping properties longer than 12 months to avoid the flipping tax. This could result in better financial returns over time.

3. Stay Updated on Exemptions

Regularly check for updates on tax regulations and exemptions that may be relevant to your situation.

4. Consult with Experts

Before making any significant decisions, consult tax professionals or real estate agents to gain insights on how the BC home flipping tax could impact your finances.

Understanding the Full Impact

The BC home flipping tax, effective from January 1, 2025, represents a crucial change in housing policy across British Columbia. Targeted at discouraging speculative house flipping, this regulation aims to promote a more equitable housing market. For homeowners and buyers, grasping the practical implications and details of this tax is essential for navigating the evolving real estate landscape. By remaining informed and making strategic choices, individuals can better manage the effects of this tax on their homeownership journey.

In a market where access to affordable housing is increasingly important, the BC home flipping tax stands as a significant measure toward ensuring homes serve as dwellings and not just as financial tools. Stay vigilant, informed, and ready to adapt to safeguard your interests in today's dynamic real estate environment.

*Disclaimer: The information provided is for general guidance only and does not constitute legal or tax advice. Tax laws and regulations are complex and subject to change. For advice tailored to your specific situation, please consult a qualified tax professional or contact the Canada Revenue Agency (CRA) directly.

Buying a home is a big commitment and often the largest purchase most people will ever make. For homebuyers in British Columbia (BC), understanding the taxes involved can feel overwhelming. The Goods and Services Tax (GST) and Property Transfer Tax (PTT) are two key taxes that every buyer should know about. This blog post aims to clarify when these taxes apply, what exemptions exist, and how they impact homebuyers in BC as of 2025.

What is GST and When is it Applicable?

The Goods and Services Tax (GST) is a 5% value-added tax that applies to most goods and services sold in Canada, including homes.

GST generally becomes due when you're buying a new home or a significantly renovated residential property. For example, if you're buying a newly built condo or a house that has been completely upgraded, expect to pay GST on that purchase. On the other hand, used residential properties are not subject to GST. If you're considering a resale home, knowing this difference can save you money, as you won't have to factor in additional tax costs.

What is PTT and When is it Required?

Property Transfer Tax (PTT) is a tax that buyers in BC need to be aware of. The PTT is calculated on the fair market value of the property being sold, with the following rates effective in 2025:

1. 1% on the first $200,000 of the property’s value

2. 2% on the portion from $200,001 to $2,000,000

3. 3% on the portion over $2,000,000

4. An additional 2% on the portion over $3,000,000 for residential properties

So, for a $1 million home, the total PTT would be $18,000—a significant saving if the exemption applies.For example, if you're purchasing a home for $1,000,000, your PTT would be calculated as follows:

• 1% on the first $200,000 = $2,000

• 2% on the next $800,000 (from $200,001 to $1,000,000) = $16,000

• Total PTT = $18,000

PTT must be paid at the time of property transfer, meaning you’ll need to budget for this expense before the title changes hands.

Property Transfer Tax (PTT) Exemption for Newly Built Homes

In British Columbia, the Property Transfer Tax (PTT) is a tax paid by homebuyers when they purchase or gain an interest in a property. However, there are certain exemptions available, one of the most significant being for newly built homes. Here's an overview of how the Newly Built Home Exemption works:

What Is the Newly Built Home Exemption?

The Newly Built Home Exemption allows qualifying buyers to avoid paying the property transfer tax on a newly constructed or substantially renovated home, provided certain conditions are met.

Eligibility Criteria

To qualify for the exemption:

1. Fair Market Value:

   • The home must have a fair market value of $1,100,000 or less for full exemption.

   • Partial exemptions are available for homes valued between $1,100,000 and $1,150,000.

2. Primary Residence Requirement:

   • The home must be intended as your primary residence.

   • You must move in within 92 days of the registration date and live there for at least one year.

3. Individual Buyer:

   • The exemption is only available to individuals, not corporations or trusts.

Newly built home exemption

The newly built home exemption reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.

• Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.

• Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers.

Definition of a newly built home

A newly built home includes:

• A house constructed and affixed on a parcel of vacant land

• A new apartment in a newly built condominium building

• A manufactured home that is placed and affixed on a parcel of vacant land

• An already constructed house that is removed from one parcel of land and affixed to another parcel of vacant land, as long as the house has not been occupied since it was placed on the new parcel of vacant land

• A house resulting from the division of an existing improvement affixed to a parcel of land that was also subdivided, as long as this house has not been occupied since the subdivision of the parcel

• A house converted from an existing improvement on the land. The previous improvement could not have been used as residential (e.g. a warehouse converted into apartments)

If you qualify for the exemption, you may be eligible for either a full or partial exemption from the tax.

If you paid property transfer tax when you purchased vacant land and you now have a newly built home on the land, you may be eligible for a refund of the property transfer tax you paid.

Do I qualify?

To qualify,

• The property (land and improvement) transfer must be registered at the Land Title Office after February 16, 2016, and

• This must be the first registration of this property with a completed improvement, and

• You must be a Canadian citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) or proof of permanent residency and your birthdate)

and the property must:

• Be located in B.C.

• Only be used as your principal residence

• Have a fair market value of $1,100,000 or less ($750,000 if the title is registered before April 1, 2024)

• Be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption, if the property:

• Has a fair market value greater than $1,100,000 and less than $1,150,000 (greater than $750,000 and less than $800,000 if title is registered before April 1, 2024)

• Is larger than 0.5 hectares

• Has another building on the property other than the principal residence

Find out the amount of your exemption if you qualify.

Exemptions from GST

Homebuyers should be aware of several exemptions from GST that can help reduce costs:

New Residential Rental Properties

If you buy a new residential rental property, you may be eligible for a full rebate of the GST paid, provided it meets certain conditions. For example, properties bought specifically for rental use and not as your primary home may qualify for this rebate, effectively lowering your immediate costs.

Used Homes

As mentioned earlier, used homes are exempt from GST. If your purchase involves a house that has already been lived in, you won’t have to worry about this tax, allowing you to save a significant amount.

Land Used for Long-Term Residential Rental

If you're purchasing land intended for long-term residential rental, GST generally does not apply. Make sure to confirm your eligibility based on guidelines from the Canada Revenue Agency (CRA).

Exemptions from PTT

There are also PTT exemptions that can be very beneficial for certain buyers.

First-Time Home Buyers

A major exemption exists for first-time home buyers. In 2025, those purchasing their first property valued at or below $500,000 can qualify for a full exemption from PTT. If the property is priced between $500,000 and $525,000, the exemption is reduced incrementally. This means that buying your first home in BC can be more affordable than you initially thought.

Transfers Between Spouses or Partners

Transfers of property between spouses or partners can qualify for a PTT exemption. This provision is crucial for couples who want to change ownership of their property without the added tax burden.

Transfers Involving Estate Settlements

If you inherit a property or acquire it through an estate settlement, this transfer is usually exempt from PTT. This exemption can provide significant relief during what is often a challenging time for families.

Special Considerations for Foreign Buyers

Foreign buyers should note that they may face additional taxes, including the Foreign Buyers Tax (FBT), which is currently set at 20% of the property’s purchase price in certain areas of BC. Even so, foreign buyers can still qualify for GST and PTT exemptions if they meet specific criteria.

Navigating these taxes can be complicated, especially for foreign residents. It is highly advisable to seek legal or financial advice to better understand your situation.

Planning Ahead: Financial Implications

Tax obligations can significantly affect your financial planning when buying a home in BC. To avoid surprises, it’s crucial to include these taxes in your budget.

Working with a knowledgeable real estate professional or tax advisor can provide valuable updates and help you navigate these complexities. They can guide you on maximizing exemptions, allowing you to save more during your home buying journey.

Empower Yourself with Knowledge

Understanding GST and PTT is essential for making informed choices when buying a home in British Columbia. Familiarity with available exemptions can mean substantial savings and make homeownership more achievable.

Keep in mind that tax rules can change. Staying informed will help you better prepare for entering the real estate market. Whether you're a first-time buyer or an experienced homeowner, knowing about these taxes and exemptions will empower you to make smart investing decisions.

*Disclaimer: The information provided is for general guidance only and does not constitute legal or tax advice. Tax laws and regulations are complex and subject to change. For advice tailored to your specific situation, please consult a qualified tax professional or contact the Canada Revenue Agency (CRA) directly.

Tariff-driven economic uncertainty led to significantly suppressed sales for the third consecutive month. Continued slow sales and elevated new listings activity helped buoy inventory to the highest level in any month since July 2013.

What does that mean for you?

Buyers: More choices, stronger negotiating power.

Sellers: Pricing and strategy are more important than ever.

Investors: Opportunity to plan ahead as conditions evolve.

Sale Highlights:

• Demand in the Vancouver Region was soft for the third consecutive month with 3,130 sales in April. At 36% below the past 10-year April average of 4,897 sales, this was the third-slowest April in available data going back to 2005 (there were 1,773 sales in 2020 and 3,074 in 2019).

• Detached home sales were the furthest below average (-53%, to 905), followed by townhomes (-33%, to 633) and condos (-24%, to 1,479).

• Sales were down 26% from 4,209 in April 2024. Detached homes were down the most year-over-year (-30%), followed by townhomes (-27%) and condos (-21%).

New Listings Highlights:

• New listings activity remained robust with 10,178 new homes coming to market in the Vancouver Region in April. This was 18% above the prior 10-year April average of 8,633 new listings.

• New condo listings were the furthest above their long-run average (+32%, to 4,239), followed by townhomes (+24%, to 1,843). In contrast, new detached home listings were below average (-2.0%, to 3,708).

• On a year-over-year basis, new listings were down 6% from 10,876 in April 2024. New detached home listings were down the most (-8%), followed by condos (-6%) and townhomes (-3%).

Inventory Highlights:

• There were 24,225 active MLS listings in the Vancouver Region at the end of April, which was 34% higher than the same time last year (18,021 listings). This was the highest inventory in any month since July 2013 (24,666 listings).

• Inventory was 60% higher than the prior 10-year April average of 15,183 listings. Active condo listings were the furthest above average (+82%, to 9,754), followed by townhomes (+73%, to 3,680) and detached homes (+36%, to 9,790).

• There were 7.7 months of inventory (MOI) in April, up from 4.3 in April 2024 and the most for the month in 21 years of available data (excluding the pandemic). The detached home segment had an MOI of 10.8 (buyers' market) versus 6.6 for condos and 5.8 for townhomes (balanced markets).

Median Prices Highlights:

• On a year-over-year basis, the Greater Vancouver board area saw a decrease of 4% in median sold prices (averaged across home types), while the Fraser Valley experienced a decrease of 3%. In Greater Vancouver, detached home prices were down 5% (to $1.83 million), townhome prices were down 2% (to $1.07 million), and condo prices were down 3% (to $708K). In the Fraser Valley, detached home prices were down 2.0% (to $1.47 million), townhome prices were down 3% (to $830K), and condo prices were down 3% (to $532K).

• On a month-over-month basis, median sold prices in Greater Vancouver were down 1.0% (averaged across home types), while in the Fraser Valley they were down 0.8%. In Greater Vancouver, detached home prices were down 1.9%, townhome prices were down 0.7%, and condo prices were down 0.6%. In the Fraser Valley, detached home prices were down 1.0%, townhomes prices were down 1.8%, and condo prices were up 0.4%.

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