If you're moving to Kelowna from out of province, one of your biggest surprises may be our "wonderful" Property Transfer Tax. Payable on every real estate transaction in BC (except for 1st time buyers who meet required criteria), this tax is 1% on the first $200,000 & 2% on the remainder of the purchase price. I guess that's just price we pay for tall mountains, warm blue lakes, and ...
Posted by Grant Wiebe
on August 28, 2009
When paying out your mortgage early as a result of selling your property or in an effort to secure a lower rate, many people assume that they will have to pay a payout penalty of 3 months interest. The reality in today's market with falling mortgage rates is that the penalty may be much more than that. Lenders use whats called "Rate Differential" to ensure that they don't suffer losses ...
Posted by Grant Wiebe
on August 27, 2009