The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective Wednesday, which include:
- a property transfer tax exemption for 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 one percent increase in property transfer tax to three percent for homes which are sold over the $2 million mark;
- 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.