PROPERTY TRANSFER TAX

The property transfer tax rate is:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and
up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
If the property is residential, a further 2% on the portion of the
fair market value greater than $3,000,000 (effective February 21,
2018).
(5% on amounts over $3,000,000.00).

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 Transfer 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 the purchase.
  • 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 title office.
  • If the property does not meet all these requirements you may still qualify for partial exemption.
PROPERTY TAXES

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 taxes.

Foreign buyer tax:
Has gone from 15% to 20%
This tax applies to the Capital Regional District, Fraser Valley, Regional District, Regional District of Central Okanagan, Nanaimo Regional District and Greater Vancouver. The areas for each region can be found here.

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.