Property Transfer Tax

When purchasing property in BC property transfer tax applies. The amount of tax depends on the fair market value amount being transferred. If the fair market value being transferred is $200,000 or less the rate is 1% on the fair market value. If it is above $200,000 the rate is 1% on the first $200,000 and then 2% on the fair market value above $200,000. The transfer tax applies to all Buyers regardless if they are a resident of BC or from other provinces. First time home Buyers are the only Buyers exempt from this tax and the current threshold is $425,000 any amount over that is on a sliding scale up to $450,000 you must also have been a resident of BC for 6 months. Other requirements may apply so best to check it out.

Cynthia Bentley

Cynthia Bentley

Personal Real Estate Corporation
CENTURY 21 Lakeside Realty Ltd.
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