Buying a home can be overwhelming… there are so many terms and expressions that you may not have heard before. That is why you need a team to help you throughout the process… A realtor, a mortgage broker, a lawyer/notary and a home inspector
Find homes under $500,000 ....click here Quick Search
Find homes under $1,000,000....click here Quick Search
Need a mortgage broker?
Contact Patti Wheatley of the Mortgage Group
For the lastest rates click here Mortgage Rates
Property taxes are paid yearly to your municipal or rural tax office. (You will be able to claim a Homeowners Grant of $570 every year as long as you live in the home)
Did you know – When you purchase a home you are responsible for a property transfer tax? This tax should not be confused with annual property taxes.
Property transfer tax – is paid when you acquire an interest in real estate. There is an exemption available for First time homebuyers if….
Property transfer tax exemption for BC First Time Homebuyers
If your purchase price is over $525,000, you need to budget for a hefty tax bill.
Did you know - while saving up for your down payment, you can put your money in your RRSP, this reduces your taxable income for the year of deposit and can produce a tax refund. Your savings will grow tax free, and you can borrow from your RRSP for your down payment.
First Time Homebuyers Plan
I can recommend the right home inspector for your purchase. Depending on the property inspections can cost between $400-$1000. There are many different types of inspections, for example; Does the property have a pool? Was there an oil tank previously on the land? Is there a secondary suite? All of these will effect the costs.
Do you have to pay GST on your purchase?
GST (5%)s charged on top of the purchase price of the home, and applies only for new homes in BC. This means that GST is payable on newly constructed properties such as a pre-sale high-rise condo sold by a developer, or an owner builder home. (usually detached)
Any property that is not brand new (has been lived in) and has been used for residential purposes in the past are exempt from GST. Essentially, the GST has already been paid for at the first point of purchase.
GST also applies to homes that are substantially renovated, and to meet this requirement typically 90% of the building that existed before the renovations began must be renovated to a minimum degree. In addition to the 90% method, there are other common methods that include comparisons of the square footage of the floors, walls, and number of bedrooms between renovated and non-renovated.