On February 16, 2016, the BC Government announced its new budget, and within it were some anticipated changes the Property Transfer Tax PTT. The main highlights are:
No changes to the first time home buyer exemption limits;
All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEWLY Built homes up to $750,000 in value; there is a partial exemption for homes between $750,000.00 and $800,000.00; the buyer must be a Canadian citizen or a permanent resident and be purchasing as their primary residence (to live in for at least the first year)
PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.
These are effective for deals closing today and going forward
View all the details on the BC Property Transfer Tax PTT
Have questions, or thinking of buying or selling? Contact us today.
New 2016 Changes to BC Property Transfer Tax PTT
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