Changes to Property Transfer Tax


The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective Wednesday February 17, 2016, which include:

  • a property transfer tax exemption for all buyers, not just first-time buyers (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 1% increase in property transfer tax to 3% for homes which are sold over the $2 million mark. 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
  • 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

More PTT information: 
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