Blog & News: Vancouver Real Estate Market

Property Transfer Tax (PTT)

  • a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and
  • a partial exemption will apply on newly built homes priced $750,000 to $800,000.
  • a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.

These changes will take effect on February...

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Laneway House

 

 A laneway house is a small detached residential infill house that typically fronts on the lane of a larger principal house.

 

It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house. If you are looking for information about the tax implications of laneway houses, read about these scenarios outlined by the Canada Revenue Agency (CRA).

 

1. You own a principal residence and you hire a builder...

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