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Feb 16, News, BC Budget - First Time Buyers

Blog by Diane Cardoso | February 16th, 2016

The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective February 16, 2016, 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.