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Newly Built Home Property Transfer Tax Exemption
Buying Advice
The BC government has made changes to the latest budget regarding the property transfer tax. The following changes will be effective on all purchases closing as of February 17th, 2016 and going forward: All buyers (whether first-time buyers or not) no longer pay property transfer tax on purchases of new homes up to $750,000 in value The buyer must be a Canadian citizen or a permanent resident. There is a partial exemption for homes between $750,000.00 and $800,000.00. The property must be a primary residence for 1 year and moved into within 92 days. The BC government will be sharing information with CRA to ensure rules