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ARTICLE · 23 FEBRUARY 2016

Changes To British Columbia Property Transfer Tax

Blake, Cassels & Graydon LLP
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On February 16, 2016, the British Columbia government released its 2016 budget.

CanadaReal Estate and Construction
Greg Umbach
Greg Umbach
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On February 16, 2016, the British Columbia government released its 2016 budget (Budget). Contained in this budget were several important changes to the Property Transfer Tax Act (PPTA).

INCREASE IN PROPERTY TRANSFER TAX RATE FOR PROPERTY IN EXCESS OF C$2 MILLION

The Budget introduced a third property transfer rate of three per cent on the portion of fair market value of a property over C$2-million. The one per cent rate on the first C$200,000 of property value and the two per cent rate on the value of property between C$200,000 and C$2-million will continue to apply. These taxes are payable at the time of registration of transfer of title to the purchaser. The new tax rate will apply to transfers registered on or after February 17, 2016.

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