Shannon Realty

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How Do Changes to the Property Transfer Tax Affect You?

May 29, 2016 by Editor

Property Transfer Tax3% Property Transfer Tax

As part of BC’s recently introduced provincial budget, some tweaks were made to the Property Transfer Tax that will affect home buyers. 

A new 3% PTT rate will apply to the portion of all home sales that exceed $2 million. For homes that sell for below $2 million, the Property Transfer Tax will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance. 

What does that mean?

For a $3 million home, the Property Transfer Tax will rise by $10,000 to $68,000. In 2015, about 8% of homes sold in Greater Vancouver went for more than $2 million.

A New Housing exemption to the PTT will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and a partial exemption on newly built homes priced $750,000 to $800,000. 

About 31% of homes sold in Greater Vancouver in 2015 were below $750,000.

First time home buyers are still exempt from Property Transfer Tax on purchases of used homes valued at $475,000 or less.

What is your home worth in today’s market?

Provide me with some detailed information and I can provide you with a fair market value.

Use our Property Valuation Form

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Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

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Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

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