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Property Tax Exemption Rules

Blog by | March 21st, 2016

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.

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