Property Transfer Tax Act Amendments

This amendment changes the application of property transfer tax on pre-sold strata units purchased on or after January 1, 2001.

Previously, tax was based on the property's fair market value at the time of registration. The consideration paid at the time the unit was purchased could be substantially different than that at time of registration.

The new amendment that is retroactive to January 1, 2001, gives certainty to what the value of consideration will be (what the purchaser paid for the unit). This allows a first time homebuyer to know immediately if they qualify for the exemption, rather than not know until completion under the old regulation.

The Ministry of Provincial Revenue is currently reviewing pre-sold strata units that were assessed under the previous legislation and will revise assessments and issue refunds if applicable.

For more information contact: Minister of Provincial Revenue - Property Taxation Branch, at P.O. Box 9427 STN Prov Govt, Victoria, BC, V8W 9V1. On the web at www.re.gov.bc.ca.