Property Transfer Tax

January 6th, 2009 Categories: Real Estate News, Vancouver Real Estate

British Columbia’s property transfer tax is a land registration tax payable when an application is made at any Land Title Office in BC to register changes to a certificate title. Introduced in 1996.

If you are a first time buyer you may be eligible for an exemption from the property transfer tax if the fair market value of the property is less than $425,000 anywhere in BC. A proportional exemption is provided for eligible residences that have a fair market value of up to $450,000 (or $25,000 above that threshold). Your lawyer or notary completes and submits the return on your behalf.

The following conditions must be met to qualify for the first time home buyers’ exemption:

*must be a Canadian citizen or a permanent resident

*each person applying for the exemption must have resided in BC for at least l year prior to the registration date

*each purchaser applying must not have previously owner an interest in a principal residence anywhere and must not have previously obtained a first time home buyers’ exemption

*the purchaser must occupy the property as their principal residence within 92 days of the date of registration.

for additional information visit the BC Government website

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