CMBA Breaking News: BC Budget – Property Transfer Tax Changes

CMBA Breaking News: BC Budget – Property Transfer Tax Changes

Breaking News:

The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective Wednesday, which include:

a property transfer tax exemption for Canadian citizens and permanent residents who purchase newly-built homes, condos and townhouses under $750,000.

Purchasers must live in the property for at least one year. This is a potential savings in closing costs of up to $13,000;

a one percent increase in property transfer tax to three percent for homes which are sold over the $2 million mark;
the first time home buyers exemption will remain in place for homes under $475,000;
buyers will need to start disclosing their country of residence in all property transactions;

the beneficial ownership of properties held by corporations will also be tracked.

More details to come