Did you know about the Property Transfer Tax in BC and the exemptions?

In BC there is a Property Transfer Tax for any one who buys a home with a few exceptions. It's no small fee either. It's 1% of the first $200,000 plus 2% of the balance of the sale price. That means on a $400,000 purchase the buyer would pay $6000 of Property Transfer Tax. When you are scraping together every penny to buy your new dream home that is a lot of money. However, there are some exemptions. First, it has to be your first purchase anytime and anywhere in the world. Next it has to be your principle residence, in other words you have to be buying it to live in. Then you have to have lived in the province of British Columbia for at least a year. You have to be a Canadian citizen. You have to live in the house for at least a year. It has to be priced below $425,000. And lastly, you have to move in within 92 days of the completion date . If you satisfy all these requirements then you are likely exempt from paying the BC Property Transfer Tax. This issue is one of the many ways REALTORS bring value to the buying and selling equation in the OKanagan Shuswap Real Estate market. . We put it right in all our offers so that the buyers do not get blind sided at the lawyers office. Century 21 ....taking care of the details for you.

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Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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