If purchasing your first home, you may be exempt from paying the Property Transfer Tax which buyers pay when buying a home on freehold land in British Columbia. The tax is 1% on the first $200,000.00 and 2% on the remainder of the purchase price.For example:
The calculation on a $400,000 home would look like this:
1% on first $200,000.00 (200,000 X .01) = $2,000.00
2% on remainder ($200,000.00) (200,000 X .02) = $4,000.00
Total payable on completion = $6,000.00
The information provided here shows the requirements of the buyer and also of the property. If you have owned leased land and are buying freehold, you may still be able to qualify for this exemption. Feel free to contact me with your questions on this matter.
Terri Ann Novello, REALTOR
Ph. 1- 250-808-1005