BC GOVERNMENT REAL ESTATE RELATED LINKS

When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption.

In addition to the property transfer tax, if you're a foreign national, foreign corporation or taxable trustee, you must pay the additional property transfer tax on your proportionate share of a residential property's fair market value if the property is within specified areas of B.C. 

Your proportionate share is the percentage of interest that you're registering on title with the Land Title Office. For example, if you're a foreign entity (foreign national or foreign corporation) acquiring a 70% interest in a property, you pay the additional property transfer tax on 70% of the residential property's fair market value.

The speculation and vacancy tax is an annual tax paid by some owners of residential properties in designated taxable areas of B.C.

The tax is designed to discourage housing speculation and people from leaving homes vacant in designated areas of B.C. More than 99 percent of people in British Columbia are exempt from the tax.

Residential property owners in the taxable areas who receive a declaration letter must complete a declaration before March 31 every year, even if they're eligible for an exemption.

The newly built home exemption reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.

• Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.
• Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers.

Effective January 3, 2023, the Property Law Act was amended to include a statutory right of rescission, allowing a prospective purchaser to rescind the contract of purchase and sale for a period of three business days following final acceptance, for the payment of a rescission fee to the Seller.

Provides for amendments to the Local Government Act that ensure that municipalities amend their zoning bylaws by June 30, 2024 to permit increased density and relax off-street parking requirements, unless otherwise exempted.

The following acts and regulations support and protect the rights of both landlords and tenants, ensuring that all tenancy business is conducted properly and fairly.