In today’s Finance Minute let’s talk about the next biggest expense that you have to pay when buying a property. It’s the Property Transfer Tax. For those buying a Property in British Columbia ONLY, the property transfer tax rate is 1% on the first $200,000 2% of the value of the property above $200,000 and up to and Including $2,000,000. If you are a First Time Homebuyer meaning you’ve never owned a principal residence anywhere in the world, then you are exempt from paying the Property Transfer Tax if the property that you are buying is worth $500,000 and below. Another exemption is If you are buying a brand new property worth $750,000 and below.
If you want to use a Calculator to figure out the amount that you have to pay please go to this link. https://forms.gov.bc.ca/taxes/estimate-your-property-transfer-taxes/
If it’s too confusing, let’s talk and we can figure it out together. I want to create a positive lasting difference in the lives of thousands. Please like and share this post so you can too!