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