Newly built homes priced up to $750,000.00 will be fully exempt from the property transfer tax when bought by Canadian citizens or permanent residents as a principal residence and lived-in for a full year. The measure aims to assist purchasers and stimulate the construction of moderately priced homes.
The exemption will save a Purchaser up to $13,000.00 and provide an estimated $75 million in property transfer tax relief for new construction in 2016-2017.
Call Carol for more information.
These “up-front” expenses are payable on or before the completion day of your purchase. It is possible that you could be exempt from some fees or some fees may be waived.
The new breakdown is as follows:
First time buyers exempt up to 500k also
And sliding scale from 500-525k
1% of the Purchase Price on the first $200,000
2% of the Purchase Price that exceeds $200,000 but does not exceed $2,000,000.00
3% of the Purchase Price that exceeds $2,000,000.00
Since February 21, 2018 an additional 2% on the portion of the fair market value that is greater than $3,000.,000.00 if the Property is Class 1 property as determined by BC Assessment
Includes your lawyer’s fees & registration of mortgage and Certificate of Title and disbursements.
Most lenders require an appraiser’s report confirming that the purchase reflects fair market value. Depending on your down payment, some lenders will waive this requirement.
It is the buyer’s option to have a home inspection to pinpoint defects. This is not a lending institution requirement.