Property Transfer Tax Changes: Newly Built Home Exemption

Property Transfer Tax Changes

1. There are no changes to the first time home buyer exemption limits;

2. All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW 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;

3. 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.

Who is looking to buy some presale condos?! I am now

Here is some more information -

http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/exemptions/newly-built-home-exemption

If you have further questions please contact Carmen at 604-218-4846 or send an email to carmen@carmenleal.ca

Yours,

Carmen Leal Personal Real Estate Corporation

www.carmenleal.ca

604.218.4846