The Greater Vancouver Real Estate Board, together with the BC Real Estate Association, has been lobbying the government for years to increase the First Time Buyers' Program threshold, as it's difficult to purchase a home under $475,000 in Greater Vancouver. They asked the government to increase the resale price threshold to $750,000 from $475,000 to match the $750,000 threshold for new homes brought in last year.

But unfortunately this didn't happen.

Instead they increased the threshold a mere $25,000 to $500,000, exempting first time home buyers from the Property Transfer Tax at this range. There is a sliding scale of exemptions from $500,000 to $525,000. View the other qualifications.