The newly developed home exemption by the BC government is geared towards eliminating/reducing the property transfer tax amount that you pay during the purchase of a New Invermere home for sale.
According to the details of this exemption, a new Invermere home for sale is,
Any Invermere home developed as well as affixed vacant land.
Any new apartment within a newly developed condo building.
A manufactured Invermere home situated on vacant land.
Any Invermere house that has been already constructed but removed from vacant land. It hasn’t been occupied since it was constructed on the new fragment of vacant land.
Any Invermere house that results from a division of a current improvement to a fragment of land that was subdivided. But the house has not been occupied since the subdivision of the fragment of the land.
An Invermere house converted from a current improvement on a fragment of land while the previous improvement couldn’t be used for residential purposes. Also was used for commercial purposes.
If you qualify for an exemption, you will be eligible for full or partial tax exemption if you have already paid the property transfer tax when purchasing the vacant land. Therefore you have a new home on that fragment of land. Then you are eligible for a refund of the tax that you paid.
Do New Invermere homes for sale qualify for an exemption?
For the tax exemption qualification, the property transfer (either involving land or improvement) must be registered after Feb 16, 2016, at the LTO (Land Title Office). And for this,
- It would be best if you were an individual.
- You must be the holder of Canadian citizenship or permanent residency.
Your Social Insurance Number will be required along with your date of birth for confirmation purposes. While
- The property must be located in British Columbia.
- It should be only for your principal residence.
- The property needs to have an FMV of $750000 or less.
- It needs to be 1.24 acres in size or smaller.
You will qualify for a partial exemption if,
- The property has an FMV greater than $750000 and less than $800000.
- It is larger than 1.24 acres.
- It has another building separate from the principal residence.
How to apply?
You need to select/enter the exemption code 49 while filing the Return for the Property Transfer Tax for the newly developed home exemptions in Invermere, BC.
Requirements of Occupancy for New Invermere homes for sale.
Once you’ve registered your property, you have to meet all the occupancy requirements within your ownership 1st year. To keep the tax exemption,
- You must move in within 92 days from the date when the property was registered at the LTO.
- Also, you must continue to occupy this property as a principal residence for the remaining part of that 1st
You will receive a letter from the LTO to confirm that you meet these requirements. You might keep a portion of the exemption if you moved out before the end of the 1st year, but you will have to repay this amount before the 1st year.
Refund
Suppose you’d qualified for the tax exemption. But it didn’t apply when you registered the property at the LTO. Then you can apply for a refund as well.
Please contact DK Rice for all your Invermere real estate questions.
Contact DK if you are interested in Real Estate in the Invermere Area
Check out this Home for Sale in Invermere.
This home for sale in Invermere is located in CastleRock Estates. This home is a new and captivating modern home well-appointed just perfectly into the natural setting. First of all, is the entrance to this Invermere home has a stunning oversized wood door that really works for the curb appeal.
Main Floor
The main floor living space with vaulted ceiling, exotic Sapele wood flooring throughout. CastleRock home is 2320 sqft. There are three bedrooms, each on their own floor with their own bathrooms and plenty of storage space throughout the home.
Top Floor
The grand master bedroom is half of the top floor sharing it with a multi-purpose loft area used as a rec room/office or workout area. The en suite comes with all the luxuries, dual sinks, a large walk-in closet, a private toilet room, an air soaker tub, and an oversized shower with a glass door.
This CastleRock home for sale in Invermere has other highlights – an open kitchen/living area with quartz countertops, a walk-in pantry, a top-of-line sound system, and a propane fireplace.
Outdoor Living Space
With plenty of outdoor living space. First of all the yard has lots of privacy and trees that make you feel totally relaxed. Above all, the yard is low-maintenance rock.
Patios – the choice of privacy on one of the two-tiered patios or on the front where you will get most of the west-facing sun.
Decks – The top floor also has its very own deck facing west for your very own hide-a-way in the sun.
CastleRock Estates
CastleRock community is a three-hour drive from Calgary through the Kootenay National Park. Kootenay National Park is in the Rocky Mountains. Therefore, it is considered one most scenic drives.
Castlerock is in the Columbia Valley, British Columbia. Columbia Valley includes resort communities – Invermere, Radium Hot Springs, Windermere, Fairmont Hot Springs, and Panorama. Invermere is the main town for the area.
CastleRock is just a five-minute drive from downtown Invermere, BC. As a result, Invermere town provides water, sewage, and fire protection for CastleRock. Located on the west side of Lake Windermere, CastleRock is the true meaning of mountain living. Furthermore, the road up to CastleRock gives Columbia Valley the most beautiful views, especially Lake Windermere.
CastleRock has 306 acres. Close to 25% of the area is dedicated to natural open space, including parks, picnic areas, and a walking trail system that connects CastleRock’s neighborhoods to the surrounding wilderness. Most noteworthy, all CastleRock homesites have ‘non-disturbance zones’ on the rear and side yards to preserve the community’s natural splendor.
There are three Phases for homes. Also, the cohesive alpine character is supported by carefully crafted architectural design guidelines.
If there are any questions about this home for sale in Invermere or any other Columbia Valley real estate questions, contact one of Invermere’s Luxury Realtor DK Rice 250-342-5935
View Invermere Lot in PineRidge Mountain Development or Check out Lakeview Meadows Townhome Listings
