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I'm sure most have heard by now but in case you didn't the BC Government announced at the end of July that 
Non Residents will now be subject to a 15% PTT(Property Transfer Tax) when they purchase homes here in the Lower Mainland.
 
That same PTT has not changed for us BC Residents; that is 1% of the 1st 200K of the purchase price & 2% of everything thereafter. Unless you're a 1st time HB making a purchase under 475K. Or, and this is new as of this spring, you purchase a brand new property; then any BC Resident is exempt from the PTT up to 750K Purchase Price. Keep in my though on a purchase of a brand new place you still have to pay GST; existing properties you do not. 
 
Clear as mud? Hopefully a little more clear than that. If you have any tax related questions with regards to buying a home please don't hesitate to contact me anytime.
 
Sincerely,
 
Tony

 

Tony Marchigiano
310-328 West Hastings Street
Mortgage Broker
Vancouver, BC

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