Extra! Extra! Read all about it!

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.

Stay tuned for more information!

http://www.kamloopsthisweek.com/b-c-budget-2016-includes-trimming-of-property-transfer-tax/