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Here in BC, we have the Property Purchase tax or PPT for short which is applied on any purchase of a home in BC…it works out to 1% on the first $200,000 of the purchase price, then 2% on the remainder, and is due at closing.

First Time Buyers in BC are exempt up to $425,000, and a proportional exemption is available for purchase prices between $425,000 – $450,000, and no exemption is allowed onĀ purchasesĀ over $450,000.

 

For further details click here.

 

Michael Anthony Lloyd

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