The government of British Columbia has introduced changes to the Property Transfer Tax in today’s Budget.

From the 2014 Budget press release:

Many British Columbians buying their first home will pay less Property Transfer Tax, as the Province is increasing the threshold for the first time homebuyers program to $475,000 from $425,000, an exemption that can save the purchaser up to $7,500 when buying their first home.

Read the full budget press release here.