CMBA Breaking News: BC Budget – Property Transfer Tax Changes
February 16, 2016 by Adil Virani
Filed under Home Series, Latest News, Latest Rates, Mortgage FAQ, Recent News, Selling Your Home, Vancouver Mortgage Broker
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