Roche Point Leasehold to see new Property Transfer Tax

Aug. 25, 2016 | Market Update | By Matt Council

Expected to be adopted during the Fall of 2016, the Tsleil-Waututh Nation has decided to introduce a new Property Transfer Tax in line with the current PTT effective on freehold land across the Province of British Columbia.  Prior to this decision, the leasehold land primarily located in Roche Points Ravenwoods neighbourhood had no transfer tax payable.  Some notes on this new tax:

- 1% on the first $200,000; 2% of the value that exceeds $200,000 but does not exceed $2 million; and 3% on the remaining balance
- exemptions for certain transfers including newly constructed homes with a value of up to $800,000, and for leaseholds having a term of 30 years or less


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