|BC Government Property Transfer Tax||The formula for the tax is 1% on the first $200,000 of the price, 2% to $2,000,000, 3% to $3,000,000 and 5% on the remainder. Click here for the BC Government Property Transfer Tax calculator by Spagnuolo & Company. You may qualify for an exemption if you are a first-time buyer. Click here for exemption guidelines. There is also a Newly Built Home Exemption that is available to repeat home buyers (not just limited to first-time buyers). This exemption waives the property transfer tax for newly built homes valued up to $750,000. A partial exemption may be available for homes valued between $750,000 and $800,000. For full eligibility guidelines and occupancy requirements, click here.|
|Additional Property Transfer Tax for Foreign Entities & Taxable Trustees|| Tax is 20%.|
Squamish, Whistler, Pemberton, Lillooet, and the Sunshine Coast, are NOT included in the catchment areas.
A detailed list of the areas for each region where the tax is applicable can be found here
Only on residential property.
|Legal Fees & Disbursements||Check with your local lawyer or notary for a quote on legal fees and availability. You will want to know their estimated costs for 'fees & disbursements for conveyance & mortgage.' Depending on your transaction(s), you can expect costs from $2,000 to $3,000.|
|Appraisals||Appraisals can range from $300 to $1,000 depending on the subject property and the location.|
|Property Tax & Utility Adjustments||You may have to reimburse the Seller for any property taxes & utilities they have prepaid, depending on your closing date.|
Your lawyer or notary calculates these adjustments for you at closing.
|Title Insurance||Title insurance is required by most lenders as a protection against fraud. |
The cost can range from $200 to $400. For more information on title insurance, click here.
|Building Inspection||You may decide to have a building inspection done.|
A qualified inspector will go through your new home and then provide a written detailed report with an analysis of the structure. Any areas of concern are highlighted. The cost is approximately $500 - $1,000.
|House Insurance for Fire & Contents||If you are buying a house or ½ duplex, you will have to purchase the necessary fire insurance coverage for your home. You can expect an approximate cost of $500 - $1,000. If you are purchasing a condo or townhouse, fire insurance for the unit is covered through your strata fees. For more detailed homeowner insurance information, click here.|