September 16, 2016
When And What Taxes Are Due For The Purchase Of A Property In BC?
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.
310-328 West Hastings Street