4 Things You Need To Know About Property Transfer Tax And Home Owner’s Grant

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Yesterday, the BC government passed a new budget and there are important changes to Property Transfer Tax and the BC Home Owner Grant that home buyers and home owners that take effect today, Wednesday February 17, 2016. Read more or watch a short video…

Property Transfer Tax (PTT)

  1. a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and
  2. a partial exemption will apply on newly built homes priced $750,000 to $800,000.
  3. a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.

Home Owner Grant

Good news for home owners!

4.  the Home Owner Grant threshold will increase from $1.1 million to $1.2 million for the tax year 2016.

 

 

Real Estate Board of Greater Vancouver,. BC Budget 2016 – The Impact On You And Your Clients. 2016. Print.