costs associated with

BUYING A HOME

 

Property Transfer Tax

This is a BC Provincial Government Tax that applies to all transfers of real estate and is payable on the completion date. The rate of the tax is 1% on the first $200,000 of the purchase price, 2% on the next $1,800,000 of the purchase price, and 3% of the purchase price that exceeds $2,000,0000. There are some exemptions for first-time homebuyers.


Goods and Services Tax (GST)

A 5% tax that applies to the purchase of new construction.


Lawyer or notary fees, and land title registration fees


Insurance

Buyers are required to arrange insurance on single-family residential accommodations, and liability and contents insurance on strata-titled properties.