THE most significant cost of acquiring a home is almost always the Province of BC’s Property Transfer Tax. The tax is calculated at One Percent of the first $200,000 and Two Percent of the balance over $200,000. Every purchaser in BC has to pay this tax….UNLESS you are a first time home buyer.
Qualifying First Time Home Buyers are entitled to a “once-in-a-lifetime” exemption from the tax, up to a maximum house price limit. Those who have owned real property in the past, or those purchasing a home priced over a prescribed limit will have to pay. Want to know if you qualify? Check the Province’s Property Taxation Website and talk to a lawyer notary or Mortgage Professional to determine your personal qualification.