Property Transfer Tax: BC Government Announces Changes
(March 02, 2017
)
When buyers are out looking at condos and working on their budgets, they sometimes don’t always take into account the additional costs that can go with that purchase. For example, a buyer will have to account for any inspection costs, any mortgage closing costs, and the legal fees, including the property transfer tax on any resale purchase (i.e. not a new condo.)

However, buyers may qualify for a portion of an exemption from those property transfer taxes, including on new construction purchases, and if you’re a first-time buyer, then you may qualify for a full exemption. On February 21, 2017, the provincial government announced its 2017 budget, and a change to the property transfer tax limits was one of the included items. Effective as of February 22, 2017, on all purchases completing after this date, the limit for first-time buyers increased from $475,000 to $500,000, and the partial exemption range was raised to $500,000-$525,000.
To qualify for a full exemption, the first-time buyer, at the time of completion, must be:
Until next week.
- Kaley Walls

To qualify for a full exemption, the first-time buyer, at the time of completion, must be:
- a Canadian citizen or a permanent resident
- a resident of BC for the last 12 consecutive months prior to the completion date or filed at least two income tax returns in BC in the last six years
- a first-time buyer, never owning another property anywhere in the world
- a recipient of the exemption for the first time.
- located in BC
- used only as a principal residence
- have a fair market value of $500,000 or less
- be 1.24 acres of smaller.
Until next week.
- Kaley Walls
Categories

- All Entries (51)
Archives
- September 2017 (1)
- August 2017 (4)
- July 2017 (4)
- June 2017 (5)
- May 2017 (4)
- April 2017 (3)
- March 2017 (6)
- February 2017 (3)
- January 2017 (5)
- December 2016 (4)
- November 2016 (6)
- October 2016 (5)
- September 2016 (1)