Category: Property Transfer Tax

One of the limited exemptions to paying property transfer tax occurs where the Seller is related to the Buyer However, for this exemption to apply, the Seller and Buyer must be "vertically related" and the property must be a principal residenceSo, consider the situation where husband is on title and wishes to add h...

For most out of province buyers, finding out about Property Transfer Tax often comes as an unpleasant shock Property Transfer Tax is charged on every transfer of freehold title in the Province of British Columbia as is calculated as 1% of the first $200k and 2% of the remainder of the Purchase PriceThis means a $30...

Effective February 19th, 2014, the government has increased the PTT first time home buyer full exemption threshold to $475,000!For complete exemption requirements see: http://wwwsbrgovbcca/documents_library/forms/0269GuidepdfBy Kelowna Real Estate Lawyer Peter Borszcz ...

Unfortunately, and often due to a series of unfortunate events, some owners find themselves unable to afford their home and in some cases being forced to sell at a loss There are a number of different ways for this to occur:A Short Sale with Seller Bringing in Cash to CompleteThis type of transaction occurs w...

When the province announced the new First Time New Home Buyers Rebate associated with the HST rebates, they tightened the definition of "First Time Home Buyer" (see my post here for more information on the rebates) This tighter definition indicates that the government is looking more closely at (ie; auditing) who is a ...

I must admit, I love watching the HGTV show "Property Virgins", and seeing the excitement of first time home buyers fulfil their dreams of home ownership is one of the best things about my jobIn British Columbia, real estate prices (compared with much of Canada) are high relative to average income, which increa...

First time home buyers get an exemptions from paying the property transfer tax and this "tax break" can save FTHB thousands of dollars However, First Time Home Buyers need to carefully ensure that they qualify for this tax savings Persons claiming a FTHB credit are regularly audited by the PTT OfficeThe Criteria to...

As we move into another Buyer’s market cycle, it is important to remember the lessons Seller learnt the “last time around” Realtors often recommend to Sellers to “declutter” and “stage” the interior of their homes, however, it is important to remember that, at its foundation Buyers are purchasing “PROPE...

This exemption is more limited than most first time home buyers realize, its not enough that this is your first home in British Columbia, to qualify you must meet all of the following criteria:Be a Canadian Citizen or Permanent Resident Must have resided in BC for the last 12 months, and at least 2 of the last 6...