Property Transfer Tax
The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.
How Is It Calculated?
The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.
Exemption
- The price for the home has to be less than $525,000.00
- Has never have owned an interest in a principal residence anywhere in the world at any time;
- Is a citizen of or a permanent resident of Canada;
- Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
- Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year.
For more information go to;
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax
Andrea Thiessen
Oakwyn Realty
Office Address:
3195 Oak St.
Vancouver, BC, V6H 2L2