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Brand New Properties vs. Previously Owned Properties & TAXES

Updated: Feb 6, 2023

Yes, GST tax (together with a few other possible fees) applies to brand new properties in Canada. GST is also applicable to significantly renovated properties up to a maximum amount of $450,000 (policies and eligible amounts change from time to time, so please check with us to confirm if the most recent amount is still $450,000) (for more detailed definitions of what significantly renovated properties mean, stay tuned, I have another article on it coming up). GST is NOT applicable to previously owned properties in Canada.


ON THE FLIP SIDE, there's a COUNTERING effect coming from the NEWLY BUILT HOME EXEMPTION program offered by the government of British Columbia on the Property Transfer Tax amount for certain eligible properties AND buyers.


So when you're deciding whether to purchase a brand new property or a previously owned one, keep in mind the differences in fees and taxes associated with these properties. For more complete info, please CONTACT US.


Do you want to understand what exact taxes and associated fees you might be anticipating buying your next home in Canada? For a comprehensive and automated TAX CALCULATOR for purchases in British Columbia in Canada, let us know, we can either show you the calculation, do the calculation for you, or walk you through how to do it yourself.


Stay blessed.

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