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Property Transfer Tax and the new BC budget

There 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; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00; The newly built home exemption will only apply to people who actually occupy the home as their principle residence for a year after purchase. (relatives do not qualify)

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.

 

The existing first time home buyers program for re-sale homes remains unchanged. The threshold remains $475,000 with a partial exemption for homes between $475,000 and $500,000

 

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