Wednesday, February 1, 2017

BC Property Transfer Tax on a New Built Home

If you are having a house built in BC do not miss this saving!

The Newly Built Home Exemption reduces or eliminates the amount of BC property transfer tax you'd pay on  a newly built home valued under $800,000.  Of course, there are a lot of exceptions and regulations concerning this plan that will stimulate the real estate new construction industry but it can be a sizeable saving for Canadians or permanent residents of such dwellings. 

And there will be windows too!
A property valued at $750,000 is going to potentially save the buyer $13,000 in property transfer taxes! There is a partial exemption between the values of $750,000 to $800,000.

I like this plan, it stimulates local economies as a throng of trades people are needed, materials purchased and hopefully somewhere along the line a real estate agent.

Imagine living here....and keep an eye on tax savings!

Stephen Mullock is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.