Find your dream home - 250-862-0750

News

CHANGES TO PROPERTY TRANSFER TAX

March 4, 2016

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.