Luckily when you buy from one of our marketed new-developments under $750,000 (see more info below) you are exempt*. Great way to punch in the numbers and see how much you can SAVE when you buy new.
Source: Rew, May 24 2016
Cool Property Purchase Tax Calculator from BCREA Now On Mobile
Useful tool now available to bookmark for when you’re out home hunting and need to know how much tax is payable on a property
We love the property purchase tax calculator from the British Columbia Real Estate Association (BCREA), which launched its mobile-friendly version May 24.
Just type in your purchase or offer price, and the calculator shows how much Goods and Services Tax (GST) and Property Transfer Tax (PTT) will be charged, minus any PTT exemptions (for first-time home buyers and/or new homes), as well as any eligible federal rebates. The result gives you the total cost of the home.
The mobile version is available at www.bcrea.bc.ca/taxapp – and you can bookmark it so that it works offline wherever you are.
There’s also a non-mobile, full-website version at www.bcrea.bc.ca/government-relations/tax-calculators, where there are three calculator options, depending on which price you’re starting from:
*The BCREA’s tax calculators are particularly useful since recent changes have been made to PTT in the BC Budget earlier this year.New-build homes priced up to $750,000 are now exempt from the PTT for all buyers, as long as occupancy requirements are met. A partial exemption is available for new homes up to $800,000. The PTT rate was also increased to three per cent on the portion of any property’s purchase price above $2 million.
In its mobile tax calculator launch announcement May 24, the BCREA added, “The PTT still negatively impacts housing affordability in BC and BCREA therefore has recommendations to the provincial government on potential improvements.”