BC Land Transfer Tax 2016

British Columbia recently amended its BC land transfer tax to impose an additional 15%  land transfer tax starting in 2016 on foreign purchasers of real estate in the province.

There has been considerable news coverage of the bc land transfer tax increase and its impact on housing prices in BC and throughout Canada. There has been discussion of Ontario also considering increasing its land transfer tax.

Unlike the HST that is imposed in Ontario, and many other provinces, BC land transfer tax is not recoverable whatsoever by a purchaser and, therefore, increases the overall cost of acquiring real property in Canada.  This has been considered by the BC government as a means to slow down the hot market for real estate, particularly to press the brakes on foreign purchasers.

Contact your HSTRebate Advisor to learn more.