Friday, April 15, 2016

Did You Know?

As of February 16, 2016, there have been changes made to the BC Property Transfer Tax.

Newly Built Home Exemption

The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.
A newly built home includes:
  • a house constructed and affixed on a parcel of vacant land
  • a new apartment in a newly built condominium building
  • a manufactured home that is placed and affixed on a parcel of vacant land
  • an already constructed house that is removed from one parcel of land and affixed to another parcel of vacant land, as long as the house hasn’t been occupied since it was placed on the new parcel of vacant land
  • a house resulting from the division of an existing improvement affixed to a parcel of land that was also subdivided, as long as this house hasn’t been occupied since the subdivision of the parcel
  • a house converted from an existing improvement on the land. The previous improvement couldn’t have been used as residential (e.g. a warehouse converted into apartments).

Do I Qualify?

To qualify, the property (land and improvement) must be registered at the land title office after February 16, 2016 and you must be:
and the property must:
  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of $750,000 or less
  • be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption, if the property:
Go here for all of the details.