Costs to Buyers:
PROPERTY PURCHASE TAX
1% of the first $200,000.00 & 2% of the balance is payable to the Provincial Government at the time
the transfer of title to the property is filed for registration in the Land Title Office
If you are a FIRST TIME HOME BUYER you may be exempt from paying the Property Purchase Tax IF:
* You have never owned a principal residence anywhere in the world at anytime.
* You are a Canadian citizen or permanent resident of Canada for the past 12 months prior to
your completion date
* You have resided in B.C. for at least one year immediately prior to your application to register
* You have never received first time home buyers’ exemption or refund.
* The purchase price does not exceed a fair market value of $425,000.00 . (Pro Rated from $425-$450k)
* The land is 0.5 hectares (1.24 Acres) or smaller
* The property is occupied as your principal residence at a minimum of 1 year following
completion and you take occupancy within 92 days of registration of the transfer at the land
* If the property does not meet all these requirements you may still qualify for partial exemption.
(see link below for more information on First Time Home Buyers’ Program)
After the tax due date (most lower mainland areas taxes are due on the 1st business day in July) you
will be required to pay a portion of the taxes for the balance of the year.
This also applies to utilities (water, sewer & garbage) if they are billed separately from the property
What is the 2-5 -10 Warranty?
2-5-10 warranty was developed as a minimum home warranty insurance for new home construction
not being built by the home owner themselves. The two year portion covers the labour and materials
of the home. In general, this includes electrical, plumbing, heating, ventilation, air conditioning etc..
The 5 year portion covers the building envelope against unintended water penetration.
The 10 year portion covers the structure of the home.