This is a small detail that most people including REALTORS do not know. IF you are buying a new home that you are going to live in and the purchase price is under $750,000 chances are there will be no Property Transfer Tax (PTT) on your purchase. This applies to apartments, houses, manufactured homes and townhouses. If the purchase price is between $750,000 and $800,000 there may be a partial exemption. The primary reason for this is that GST is applicable on the sale of new homes. The intention of this PTT exemption was to even the playing field for builders and developers when they are trying to compete with values of existing homes. It does exactly that. For more information on PTT and the exemptions visit the Government of BC site at https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax.
The Concious Investor
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