What expenses and potential taxes do I need to pay if I’m buying a property?
There are a number of typical expenses and taxes that’ll be applicable to your real estate purchase in BC. You will have to prepare to pay for expenses such as lawyer or notary fee, mortgage financing fee if applicable, professional home inspector fee, appraiser fee if required, moving expense, strata building move-in fee if applicable, adjustment for annual property taxes and maintenance fees to the day of your completion (Buyer’s pro-rated %), and taxes such as the property transfer tax PTT and goods and services tax GST with varying amounts/calculation.
Lawyer fee $1,200
Mortgage financing (varies)
Home Inspection $400-1,200
Home Appraisal $300-600 depending of the financial institution
Moving company $500 and up
Move-in fees (if strata) $200 and up
Portion of annual property tax
Portion of pro-rated strata fee
PTT Property Transfer Tax
(a) 1% of the Purchase Price on the first $200,000;
(b) 2% of the Purchase Price that exceeds $200,000 but does not exceed $2,000,000;
(c) 3% of the Purchase Price that exceeds $2,000,000 but does not exceed $3,000,000;
(d) 5% of the Purchase Price that exceeds $3,000,000 if the Property is Class 1 residential as per BC Assessment, plus
(e) an additional PTT equal to 20% of the Purchase Price if the Buyer is a "Foreign Entity" or a "Taxable Trustee" and where the property is Class 1 and is located within the boundaries of the Metro Vancouver Regional District, the Fraser Valley Regional District, the Capital Regional District, the Regional District of the Central Okanagan or the Regional District of Nanaimo.
GST Goods & Sales Tax 5%