CHANGES TO PROPERTY TRANSFER TAX (PTT)
Finance Minister Michael De Jong announced key changes to PTT effective February 17, 2016;
If a Canadian citizen purchasing a newly built home, condo or townhome, you will be exempt from PTT for purchases under $750,000. Purchasers must live in the property for a minimum of 1 year. This is a potential savings of $13,000 !
PTT rate will increase from 2% to 3% on the purchase portion over $2 million
First time home buyers exemption will remain in place for homes under $475,000.
Lots: PTT does apply at purchase, however, if you can provide proof of completion within 1 year and will be owner occupied for a minimum of one year, PTT will be refunded.
For purchases under $2 million that are not new construction, PTT will remain 1% on the first $200,000 and 2% on the balance over $200,000.