Wednesday, February 17, 2016

Rules changes announced yesterday by the BC Government, aims at tackling the provincial housing affordability issue. Effective immediately, a new break for purchasers of newly built homes will benefit from this change. Canadian residents who live in the new property for a minimum of one year, will save up to $13,0000 in transfer tax for new homes up to a value of $750,000. The break will be offset by an increase in the tax for homes over $2 million, from 2 per cent to 3 per cent.  “The PTT exemption for new homes up to $750,000 will help stimulate supply of new housing and provide more opportunities for home ownership across the province. This exemption is commendable, however with many new housing projects taking years to complete, it may not have the immediate impact desired by the government.” Announces the BC Real Estate Association. In addition, PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price. First time home buyers exemption will remain in place for homes under $475,000 For more information on this change, contact 1-800-687-9020 or go online at www.dreyergroup.ca

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