Big News for BC Home Buyers!

Wednesday Feb 17 2016

Via Brookfield RPS (Original Article)

The BC government has made several significant changes to its Property Transfer Tax program, which are effective today. The changes affect certain newly-built homes under $750,000, first time home buyers, luxury homes over $2 million, buyer’s country of residence reporting and ownership of properties held by corporations.

The Changes

Specifically, the changes are as follows:

  1. For Canadian citizens and permanent residents who purchase newly-built homes, condos and townhouses under $750,000, a property transfer tax exemption, which is a potential savings in closing costs of up to $13,000;
  2. The first time home buyers exemption will remain in place for homes under $475,000;
  3. For homes sold over $2 million, a 1% increase in property transfer tax to 3%;
  4. Buyers will need to start disclosing their country of residence in all property transactions; and
  5. The beneficial ownership of properties held by corporations will also be tracked.

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