1. A property transfer tax exemption for Canadian citizens and permanent residents who purchase newly-built homes, condos, or townhomes valued under $750,000. This is effective April 1, 2016 and translates into a potential savings in closing costs of up to $13,000. The property transfer tax is a British Columbia tax on the sale or transfer of ownership of any residential real estate property in B.C.
2. The First Time Home Buyers’ Exemption will continue for homes under $475,000.
3. For purchasers of existing or resale properties who do not qualify for the First Time Home Buyers’ Exemption, property transfer tax will continue to apply at 1% on the first $200,000 of value and 2% on the value between $200,000 and $2,000,000.
4. Property transfer tax for properties over $2,000,000 will be 3% on the amount over $2,000,000. This is a 1% increase in the property transfer tax for homes over $2,000,000.
5. Purchasers will be required to disclose their citizenship and country of residence in all property transactions beginning in the summer of 2016.
6. The beneficial ownership of properties held by corporations will also be tracked.