Changes to Property Transfer Tax

The Province of British Columbia made a few changes to the Property Transfer Tax rules.

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.

So.....if you have an accepted offer on new construction...you just became a little bit richer. 

Full details here: New Rules to Property Transfer Tax Program