BC Housing Market: What Changed (and Why It Matters to You)

Over the past year, B.C. has seen a flurry of housing-related changes—new tax exemptions, tighter regulations, and fresh incentives all aimed at cooling speculation, encouraging construction, and making the dream of homeownership a little more achievable.

For buyers, sellers, investors, and current homeowners, it can feel like a lot to keep up with. As a mortgage broker, I know how fast things move—and how important it is to understand how these shifts impact your real-world plans.

So, I’ve rounded up the key changes you should know about—quick, clear, and with just enough context to help you make smarter decisions in today’s market. Let’s dive in.

1. First-Time Homebuyer Property Transfer Tax (PTT) Exemption IncreasedEffective April 1, 2024, the exemption threshold was raised from $500,000 to $835,000. First-time buyers now save up to $8,000 on homes priced up to that mark. A big win for affordability.

2. Newly Built Home Exemption Threshold IncreasedAlso effective April 1, 2024, this exemption now covers homes up to $1.1 million, up from $750,000. This supports buyers moving into new construction and fuels development.

3. Purpose-Built Rental PTT Exemption IntroducedFor qualifying new purpose-built rental buildings with four or more units purchased between January 1, 2025, and December 31, 2030, property transfer tax will be waived—provided the buildings remain rentals for at least 10 years. This is designed to help increase long-term rental supply.

4. BC Home Flipping Tax IntroducedStarting January 1, 2025, homes sold within two years of purchase will face a new tax on profits—20% if sold within the first year, tapering off to zero by the end of the second year. Exceptions will apply for major life changes like divorce, job relocation, illness, or death.

5. Speculation and Vacancy Tax ExpandedIn November 2023, this tax was expanded to 13 new municipalities. Property owners in these areas will need to declare for the first time in January 2025 based on how they used their properties in 2024. It’s part of a broader effort to reduce the number of empty homes and increase available housing.

6. Short-Term Rental Regulations TightenedEffective May 1, 2024, new provincial rules limit short-term rentals to a host’s principal residence plus one additional unit, in designated areas. All listings must include a valid business license number. These rules work alongside municipal bylaws to return more properties to the long-term rental pool.

7. Zoning and Planning Reforms IntroducedChanges rolled out in late 2023 make it easier for small-scale multi-unit housing to be built in traditionally single-family zones and allow increased density near transit hubs. Municipalities also now have the authority to require affordable housing in new developments using inclusionary zoning.

8. Tenant Notice Period ExtendedAs of August 21, 2024, landlords and buyers who plan to move into a tenanted property must now give four months’ notice instead of two. Tenants will also have 30 days (instead of 15) to dispute the notice. This update gives renters more time and security in transition periods.

Whether you’re planning to buy your first home, upgrade, invest, or refinance—these changes affect the numbers, the timelines, and the strategies that will work best for you.

But the good news? More exemptions. More inventory. More programs designed to support buyers and long-term housing growth. Ready to chat? Reach out anytime—I’m here to help you make smart, confident moves in the ever-evolving BC housing market.