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New Property Transfer Tax Rules

The BC government has changed the Property Transfer Tax (previously 1% of the first $200,000 and 2% of the balance of the purchase price):

1. The purchase of a newly built home valued at up to $750,000 will now be exempt from the property transfer tax for Canadian citizens and permanent residents, saving the buyer up to $13,000.

2. The property tax transfer rate on homes with a value above $2 million will rise from two to three per cent.

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

4. People buying homes in B.C. will be required to disclose their citizenship.

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

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