One time registration for as long as you own it - just like before. No annual renewal. I don't remember what the registration fee was under the old system, but I don't think this is any more expensive.
Once you sell it, the 2nd (and 3rd, 4th, etc) owners will need to transfer the registration to their name, and pay taxes on it....just like selling a car private party. You even use the same form (APV9), and the ICBC registration looks identical (just like the registration for your car - the bottom of the 1st page of your ICBC insurance papers).
Remember - if you played by the rules, you were always SUPPOSED to transfer regi and pay tax when purchasing a used sled/ATV/dirtbike private party. Obviously many people didn't do that. So you can still try to skirt that system if possible - just depends if they are going to enforce things more now, and/or have stricter penalties.
Only thing I'm still unclear on - not sure if the number plate stays with the sled for it's life, or with the owner for his/her new sled.
On the good side - my sled insurance rate through Beacon has gone down and was quite reasonable...so I was happy with that
Ultimately, I think it will be nicer to do everything at your insurance broker's, particularly if you intend to purchase insurance at the same time. Lord knows the people at a private outfit are better to deal with than the gov....