As we previously wrote, the B.C. government has considered changes to the additional tax on foreign home buyers in Vancouver in order to remain attractive to prospective employees. On March 17, the province confirmed the scope of their changes.
Well it’s a rare occasion when a government actually gives back or agrees to take less of your money, but in BC that’s exactly what happened with the new property transfer tax exemption up to $750,000. In case you didn’t’ hear, going forward from today, if you’re purchasing a new home up to $750,000, you will be exempted from paying the property transfer tax (a savings of $13,000 on a $750,000 purchase), provided the home is new and you are either a Canadian citizen or permanent resident of Canada.
Written by
Kam Brar
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Property Transfer Tax,
Property Transfer Tax Change