Price Limit Increased to $325,000
Other
As you may know, there have been some changes announced with respect to the Property Transfer Tax. What follows is an explanation provided by the government. If you have any questions, please feel free to call. Property Transfer Tax
British Columbia’s 2005 Provincial Budget
Property Transfer Tax Act Amendments
Changes are Effective February 16, 2005
On February 15, 2005, the Minister of Finance announced amendments to the threshold and mortgage pay down requirements of the First Time Home Buyers’ Program.
Effective for applications for registration of transfers received by the Land Title and Survey Authority on or after February 16, 2005, the fair market value threshold for properties in the Capital Regional District, Greater Vancouver Regional District, and Fraser Valley Regional District is increased to $325,000 from $275,000. The fair market threshold for properties located outside these regional districts is increased to $265,000 from $225,000.
The mortgage pay down limits are also increased for applications for registration of transfers received by the Land Title and Survey Authority on or after February 16, 2005. In the Capital Regional District, Greater Vancouver Regional District and Fraser Valley Regional District the pay down limit is increased to the greater of $13,000 and the amount that would reduce the mortgage to 70% of the fair market value of the property. For properties located outside these regional districts, the pay down limit is increased to the greater of $10,600 and the amount that would reduce the mortgage to 70% of the fair market value of the property.
Mortgage pay down limits for applications for registration of transfers received by the Land Title and Survey Authority prior to February 16, 2005 are unchanged at the greater of 70% of the fair market value of the property and $11,000 or $9,000 depending on the area of the province in which the property is located.
We have been advised by the Property Transfer Tax Office that the partial exemption remains for homes priced between $325,000.00 and $350,000.00.
