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BC Government Announces Good News for New Home Buyers

BC Government Announces Good News for New Home Buyers

Good News for New Home Buyers
FROM:  Norma Miller, Manager of Government Relations, BCREA
The BC Government released Budget 2016/2017 today. Last week’s Speech from the Throne, and the last several months of media coverage, hinted at significant relief for new home buyers and changes to the Property Transfer Tax. 
The following summary provides more information on measures related to housing and BCREA’s public policy priorities.
Property Transfer Tax (PTT)
  • Third tier over $2 million – Effective February 17, 2016, the PTT rate is increased to 3% (from 2%) on the portion of a property’s fair market value above $2 million. Rates of 1% on the first $200,000 of a property’s fair market value and 2% on the fair market value between $200,000 and $2 million will continue to apply. More information: www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand
  • Data on citizenship – Effective in spring 2016, disclosure of citizenship will be required, on registration of a taxable transaction. This will apply to individuals and to corporations. The amendments will also require the disclosure of the names, addresses and citizenship information of settlors and beneficiaries of bare trusts.
  • Revenue – PTT revenue is forecast to decline 16.8% in 2016/17 reflecting an anticipated slowing of market activity and assuming a portion of the strong revenues received in 2015/16 do not carry forward. This decline is expected to be followed by an average annual decline of 3.7 per cent over the next two years in line with the outlook for BC housing starts. It should be noted, though, that the provincial budget almost always forecasts less PTT revenue than it actually ends up collecting.

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Get in touch

The Community
T: (250) 342-5889
Toll-Free: 1-877-347-6838
E:
scotts@schickedanzwest.com

Discovery Centre Hours
Open Wednesday – Monday
from 11am – 5pm
The Ranches
T: 1-250-200-1199
Toll-Free: 1 (866) 558-5263 ext. 7650
E:
elkparkteam@landquest.com