Quick Snapshot: Minister of Finance announces changes to Property Transfer Tax Program

Breaking News:
The BC Minister of Finance has announced several changes to the Property Transfer Tax program, effective Wednesday, which include:
•       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;
•       a one percent increase in property transfer tax to three percent for homes which are sold over the $2 million mark;
•       the first time home buyers exemption will remain in place for homes under $475,000;
•       buyers will need to start disclosing their country of residence in all property transactions;
•       the beneficial ownership of properties held by corporations will also be tracked.