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Real Property Transfer Tax Declaration Form 7551

Real Property Transfer Tax Declaration Form 7551

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Instructions and help about Real Property Transfer Tax Declaration Form 7551

the provincial government has recently introduced a couple of changes to the property transfer tax PT framework for residential home purchasers the government has recognized that property values have increased significantly and this is an effort to improve affordability for those getting into the real estate market for the first time set to take effect April 1st 2024 these are the first changes to the PTT framework since 2017 the first for buyers of newly built property raises the PTT exemption from a limit of 750,000 to 1.1 million phasing out to fully payable at 1.15 million so if you're buying a brand new property up to 1.1 million you'll still be expected to pay the 5% GST totaling to $55,000 but you'll thankfully save the $220,000 in PTT here in the Fraser Valley this change will mean most new build condos and a decent percentage of town homes are now exempt from the tax unless they're quite large or high-end new builds above 1.1 million will largel

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