Increase in PROPERTY TRANSFER TAX- Tax rises from 3% to 5% on value of homes over $3,000,000.00.
- Remains at 1% on first $200,000.00, 2% on amounts between $200,000.00 and $2,000,000;
3% on amounts between $2,000,000.00 and $3,000,000.00
and 5% on amounts over $3,000,000.00Increase in Property Transfer Tax for FOREIGN ENTITIES and TAXABLE TRUSTEES
- Effective February 21, 2108 the Foreign Buyers Tax increased from from 15% to 20%.
- The Foreign Buyers tax applies applies to the following areas:
Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, Nanaimo Regional District and Greater Vancouver
- This link will provide you with the list of municipalities and electoral areas within the specified B.C. areas where the tax applieshttps://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax/bc-areas
(The Sunshine Coast is part of the Greater Vancouver Real Estate Board but is NOT
on the list of municipalities where the Foreign Buyers Tax Applies)-
- The Foreign Buyers tax only applies on residential property; if property is farmland or commercial with a residential component, tax applies only the residential component of the propertyInformation on the SPECULATION TAX
The Speculation tax targets foreign and domestic homeowners who do not pay income tax in B.C.
This Tax starts in 2018 at $5.00 per $1,000.00 of assessed value, goes up to $20 in 2019 and will be payable on homes in the same areas as the foreign buyers tax.