Property Transfer Tax Rate on the Value of Residential
Properties Above $3 million Increased
Effective February 21, 2018, a further tax rate of 2% is applied
to the fair market value of the residential component of a taxable
transaction that exceeds a threshold of $3 million. The total rate
of tax on the part of the residential component above the threshold
is 5%, which is made up of the existing 3% rate on the fair market
value of taxable transactions above $2 million plus the new 2% rate
on the portion of the fair market value of the residential
component above $3 million.
Additional Property Transfer Tax Rate for Foreign
Purchasers Increased and Area Expanded
Effective February 21, 2018, the additional property transfer
tax rate for foreign purchasers is increased from 15% to 20%.
Furthermore, the tax is expanded to the Capital Regional District,
the Regional District of Okanagan, the Fraser Valley Regional
District and the Regional District of Nanaimo.
