Property transfer tax for homes in b.c 2018

Effective February 21, 2018, there has been a slight change made to the Property Transfer Tax for homes in B.C. Previously, the property transfer tax was calculated as:
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• 1% on the first $200,000
• 2% on the portion between $200,000 and $2,000,000
• 3% on the portion greater than $2,000,000

As of February 21, 2018, the property transfer tax is calculated as:

• 1% on the first $200,000
• 2% on the portion between $200,000 and $2,000,000
• 3% on the portion greater than $2,000,000
• If the property is residential, a further 2% on the portion greater than $3,000,000 will be applied

In addition to this, changes have been made to the property transfer tax for foreign entities & taxable trustee:

• Currently, if the registered property is within Greater Vancouver Regional District and has been registered on or before February 20, 2018 the property transfer tax remains at 15% of the fair market value of the property.
• Effective from February 21, 2018 if the property is registered on or after this date and is within the following areas, the tax amount of 20% will be applied of the fair market value of the property (with a few exceptions*).
  • Capital Regional District
  • Fraser Valley Regional District
  • Greater Vancouver Regional District
  • Regional District of Central Okanagan
  • Regional District of Nanaimo.

*1) If the registration occurs before or on May 18, 2018 and is subject to a written agreement dated prior to February 21, 2018.
2) If the property transfer is subject to: a court order, Order Nisi of Foreclosure, separation agreement dated on or before February 21, 2018.
3) If the property transfer is: from the representative of an estate to the beneficiary, or to a surviving joint tenant, when the death of the deceased occurred on or before February 20, 2018
In these 3 cases, the additional property transfer tax won’t be applied. 
However, these exceptions don't apply to the Greater Vancouver region