In this video, Langley REALTOR, Caileigh Anderson with Remax discusses the newly released 2024 provincial budget which includes two housing announcements.
The first announcement is the anti-flipping tax which taxes homeowners who move within two years of their purchase. You will be taxed 20% within the first year and the second year, you will be taxed on a sliding scale.
The second announcement is the first-time home buyers’ property transfer tax exemption. This has been long overdue and will reduce the property transfer tax payable at completion and the savings on this amount will be thousands of dollars.
