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The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective Wednesday, Feb 17th, which include...

 

1. A property transfer tax exemption for Canadian citizens and permanent residents who purchase newly-built homes, condos and townhouses under $750,000. Purchasers must live in the property for at least one year. This is a potential savings in closing costs of up to $13,000.

2. A 1% increase in property transfer tax to 3% for homes which are sold over the $2 million mark.

3. Buyers will need to start disclosing their country of residence in all property transactions.

4. The beneficial ownership of properties held by corporations will also be tracked.

 

*The first time home buyers exemption will remain in place for all homes under $475,000

 

This change will encourage a number of buyers -- both first-time and repeat -- to jump off the fence and into the market. Repeat buyers now get an exemption on new builds up to $750,000. This is good news and will likely stimulate the move up buyers to look around as a $13,000 cash expense has just been removed from the process of moving from one property up to a larger, nicer, brand new place.

Here is a break down of the Property Transfer Tax...

 

The amount of tax you pay is based on the fair market value of the land and improvements (e.g. buildings) on the date of registration unless you purchase a pre-sold strata unit. The tax is charged at a rate of:

  • 1% on the first $200,000,
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
  • 3% on the portion of the fair market value greater than $2,000,000
 

If you have more questions please contact us...The Aziz Group

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421 Pacific Street Vancouver
BC V6Z 2P5 CA

 

 

 

The Aziz Group specializes in Condo Real Estate and Investment Properties through out the Vancouver area.  Our team's experience and marketing strategies ensure the sale of your property in a timely manner and for the best price.  Our team of experts vast knowledge of the Vancouver real estate market will guide you to finding your next dream home or investment property.

 

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The Aziz Group is led by the founder, Eniz Aziz, an award winning realtor in Vancouver.  The Aziz Group combines the expertise of multiple professionals including mortgage brokers, property managers, and publiscists to provide our clients with extensive real estate services.

 

The Aziz Group believes relationships and knowledge are the keys to success. The Aziz Group is a member of the Real Estate Board of Greater Vancouver .  We also have strong relationships with several local real estate developers.  We have built a sound strategy for market research and real estate forecasting for the Vancouver market.  We provide our investors the most up to date stats and insight for making comprehensive decisions when purchasing an investment property.

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