Good news for some Buyers not for others in the latest BC Property Purchase Tax Rules!
With the 2016 BC Budget, and effective February 17, 2017, two changes were made to the BC Property Transfer Tax
- Newly-constructed homes used as principal residences, up to $750,000, are exempt from the PTT. A partial exemption is available for new homes up to $800,000. This is for all buyers, not just first-time buyers. More information.
- The PTT rate is increased to 3% on the portion of a property’s fair market value above $2 million. Rates of 1% on the first $200,000 of a property’s fair market value and 2% on the fair market value between $200,000 and $2 million will continue to apply. More information.
To understand more about how Property Purchase Tax works in BC please click the attached link http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand
Trish and Tanis
Kelowna Real Estate Agents
Tel 250 863 8989
Source: Understand Your Taxes | BC Government News