Realtor®

Personal Real Estate Corporation

Cell 250-884-3980 | info@YourLuckyIrishAgent.com

  Free Real Estate Seminars
  Buyer Resources

Best Real Estate Advice

  Seller Resources

Selling For Top Dollar

  Mortgage Calculator

Calculate your payments

20% Foreign Buyers Tax + Property Transfer Tax Increase

 February 21, a 20% Foreign Buyer Tax will be levied on purchases in the Capital Region - according to the BCREA this tax will have an immediate impact on transactions underway, but there are some transitional rules, outlined below.



Transitional Rules
If the property is located in the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan or Nanaimo Regional District and the property transfer is registered on or after February 21, 2018, there are two instances where you don't have to pay the additional property transfer tax:      
1. You don't have to pay the additional property transfer tax if the registration occurs before or on May 18, 2018 and the property transfer is subject to a written agreement dated on or before February 20, 2018. Otherwise you will have to pay the additional property transfer tax.
 
Note: If the written agreement is assigned to a foreign entity or taxable trustee on or after February 21, 2018, the additional property transfer tax must be paid.
  
2.     You don't have to pay the additional property transfer tax and your property can be registered at any time if:
    • The property transfer is subject to a court order dated on or before February 20, 2018
    • The property transfer is subject to an Order Nisi of Foreclosure dated on or before February 20, 2018
    • The property transfer is subject to a separation agreement which was signed on or before February 20, 2018
    • The property transfer is from the personal representative of a deceased's estate to the beneficiary and the death of the deceased occurred on or before February 20, 2018
    • The property transfer is to a surviving joint tenant when the death of the deceased occurred on or before February 20, 2018
You can find the above info and more on the government's website


Also live tomorrow is an increased Property Transfer Tax for properties over $3 million. The Property Transfer Tax will increase to 5 per cent for properties over $3 million.

The Minister of Finance also announced that a speculation tax will roll out in Fall 2018. 

 

 

Click Here to view some Hot Listings

 

How to Benefit from the Hot Property Market 
   
   
The Housing Market in Victoria has continued to be extremely hot with both Sellers and Buyers reaping the rewards.  The current inventory is lower than average and coupled with low interest rates, the current housing market will continue to remain hot. 

If you are planning to sell or buy within the next three months, give me a call and I will ensure you realize the best possible result. 

My Best,
Arran



Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.