Buyers Costs

  • Legal fees for transfer of title and draw up mortgage documents (typical cost $900 - $1500).
  • Standard survey (typical cost $500 - $1500). (Detailed surveys are more expensive.)
  • Home insurance (premiums vary consult your insurance broker).
  • Property Transfer Tax (PTT) which is payable to the Land Title and Survey Authority of BC (1% on first $200,000.00, 2% on amounts between $200,000.00 and $2,000,000; 3% on amounts between $2,000,000.00 and $3,000,000.00 and 5% on amounts over $3,000,000.00).
  • HST of 5% is payable on new construction only (rebates may apply, depending on your purchase price).

Property Transfer Tax:

Upon the transferring of any real property, the Buyer is subject to a transfer fee of 1% on the first $200,000, 2% on the balance up to $2,000,000 and 3% for properties valued at greater than $2,000,000. If you are a first time buyer or purchasing a newly built condo or house, there may be exemptions or reductions in the tax.*

 

Foreign Buyer Tax:

The additional property transfer tax is a 15% tax that foreign entities or taxable trustees pay in addition to the general property transfer tax on transfers of residential property located in the Greater Vancouver Regional District (GVRD) (also known as the Metro Vancouver Regional District).

 

The GVRD includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock and Electoral Area A.

 

**Please check with myself or the government website for any changes or updates as this can change.

Julie Urquhart
Cell: (604) 250-4220
Office: (604) 926-6718
Fax: (604) 925-0828