The BC government introduced its 2016 budget yesterday, 16 February, 2016. The budget included a number of items intended to affect affordability and availability in the Lower Mainland’s housing market.
Here’s a summary of the most talked-about-item:
Property Transfer Tax (PTT)
• a New Housing exemption will apply to newly built homes, or newly subdivided units, priced up to $750,000; saving buyers up to $13,000; and
• a partial exemption will apply on newly built homes priced $750,000 to $800,000.
• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.
These changes are effective as of today, 17 February, 2016.
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