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→Be careful – there are many other costs besides the purchase price
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==Be careful – there are many other costs besides the purchase price== | ==Be careful – there are many other costs besides the purchase price== | ||
There are many extra costs when you buy a house. One is the property purchase tax (or PPT), though you may not have to pay this tax if this is your first home. For more information, call the Property Transfer Tax office of the BC government in Victoria, at 250.387.0604. Outside Victoria, call Enquiry BC at 604.660.2421 in Vancouver and 1.800.663.7867 elsewhere in BC and ask for the Property Transfer Tax office. Or check the website, at [www.gov.bc.ca/sbr www.gov.bc.ca/sbr]. Click on “Individuals”, then on “Property Taxes” and finally on “Property Transfer Tax”. | There are many extra costs when you buy a house. One is the property purchase tax (or PPT), though you may not have to pay this tax if this is your first home. For more information, call the Property Transfer Tax office of the BC government in Victoria, at 250.387.0604. Outside Victoria, call Enquiry BC at 604.660.2421 in Vancouver and 1.800.663.7867 elsewhere in BC and ask for the Property Transfer Tax office. Or check the website, at [http://www.gov.bc.ca/sbr www.gov.bc.ca/sbr]. Click on “Individuals”, then on “Property Taxes” and finally on “Property Transfer Tax”. | ||
Another cost is the 12% Harmonized Sales Tax (or HST). It applies to the legal fees and some of the other costs you pay. It also applies to the whole purchase price if you’re buying a new house or one that’s been substantially renovated. You may be able to get an HST rebate if you’re buying a new home. There are also registration fees in the Land Title Office, and usually legal fees to prepare and register the conveyance (the transfer of title) and the mortgage. | Another cost is the 12% Harmonized Sales Tax (or HST). It applies to the legal fees and some of the other costs you pay. It also applies to the whole purchase price if you’re buying a new house or one that’s been substantially renovated. You may be able to get an HST rebate if you’re buying a new home. There are also registration fees in the Land Title Office, and usually legal fees to prepare and register the conveyance (the transfer of title) and the mortgage. | ||