Release of 2024 British Columbia Budget

British Columbia’s Finance Minister Katrine Conroy delivered the province’s 2024 budget today. The budget did not introduce any major new spending initiatives or programs but announced a series of increases or changes to current programs. They include a $248 million one-time bonus to the B.C. Family Benefit fund, which will see approximately 340,000 families receive an average of $445 more, approximately a 25 percent increase, a one-time B.C. Hydro credit, saving households an average of $100 on their bill over the course of the year, and a 10 percent increase to the Climate Action Tax Credit. 

In addition, the province will increase the threshold for the First Time Homebuyers’ Credit to properties costing up to $835,000, with the first $500,000 exempt from paying the property transfer tax. There’s also an update to their Homes for People, initiative, turning it into Homes for People, Faster. This includes fixing outdated zoning rules, building more homes closer to amenities and transit, speeding up approval processes, actions to stop speculators, reducing vacant homes, and reining in the short-term rental market to open up more long-term homes for people.

Other highlights of the budget include:

• Introductions of a Flipping Tax on January 1st, 2025 which will charge up to 20 percent on any profit made from selling a residential property within two years of buying it with revenue going to homebuilding.
• Effective for the 2025 taxation year, the province will no longer require property taxation to apply on Nisga’a Lands or the Treaty Lands of a Modern Treaty Nation. Amendments to the governing legislation will enable modern treaty nations to self-determine property taxation on their respective treaty lands.
• Launching BC Builds in early 2024, a program that will focus on building homes for middle-income earners using government, First Nation, and community lands and low-cost financing.
• A new $500 million fund will soon be available to non-profit housing organizations to purchase affordable rental buildings and co-ops.