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Property Transfer Tax in BC

One of the most common questions we get asked on a regular basis is..."How do you figure out what the property transfer tax will be on the home I am looking to purchase?" We have blogged and even video blogged about this in the past, but I figured it was worth mentioning once again. 

The property purchase tax is payable on the purchase of all real property in B.C. It is calculated based on 1% of the purchase price up to $200,000 and 2% of any amount above $200,000. As a first time home buyer, you are eligible for full exemption of Property Transfer Tax provided your purchase price is $425,000 or less. With a purchase price of $425,000 to $450,000 the Property Transfer Tax is applied according to a sliding scale.

To see what the exemptions are and to understand what other costs you need to factor in when purchasing a new home visit the following link under our Buyers tab:

 https://www.balancerealestategroup.com/11Closingcostsyoushouldknowabout.ubr

 

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