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Lake Kalamalka View From Ridges On Middleton

BC Adjusts Property Transfer Tax

The new housing affordability measures were announced recently in Burnaby, creating big changes. Effective February 17th 2016, the purchase of a qualifying new housing unit valued up to $750,000 will be exempt from the Property Transfer Tax (PTT). This is a significant savings when buying a new home. For example, if you purchase a new home at a price of $400,000, you will be exempt from paying the $6,000 in property transfer tax.   The tax structure change has being…

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