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Difference between revisions of "Buying a Home"
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→==Property transfer tax
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A home is often the most expensive thing you’ll ever buy. Yet the purchase price is not the end of it. There are many extra costs when you buy a home, in legal fees and other transaction costs, and particularly in '''taxes'''. | A home is often the most expensive thing you’ll ever buy. Yet the purchase price is not the end of it. There are many extra costs when you buy a home, in legal fees and other transaction costs, and particularly in '''taxes'''. | ||
====Property transfer tax== | ====Property transfer tax==== | ||
When you purchase property in BC that is registered at the Land Title Office, you're responsible for paying '''property transfer tax'''. You pay the tax based on the purchase price of the property. The tax rate is: | When you purchase property in BC that is registered at the Land Title Office, you're responsible for paying '''property transfer tax'''. You pay the tax based on the purchase price of the property. The tax rate is: | ||
:1% on the first $200,000 of the price, | :1% on the first $200,000 of the price, | ||
