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Property Tax Exemption Rules

There is a new BC Property Transfer Tax exemption for new homes under $750,000.00. I had a question of whether that includes houses that were built in 2014 or 2015 new and have not sold yet. The ruling is: as long as the current sale will be the first transfer of title from the builder/contractor at the Land Title Office and the property has never been lived in previously, it will qualify for the newly constructed tax exemption, provided all other qualifications are met.

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Alexandra Axsen
Lake Okanagan Realty Ltd.
Owner/Managing Broker
Tel: (250) 870-2792
Alex@LakeOkanaganRealty.com

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