This is a provincial tax that you will need to pay upon completion of your transaction. The cost is a percentage of the purchase price or fair market value as follows: 1% of the purchase price up to $200,000, and 2% on the balance above. There is an exemption for first time home buyers, and a portion of the purchase price if one of the home buyers is a first time buyer (purchasing a primary residence) increase in value.
PROPERTY BUYING COSTS IN BC
Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage; the equity you earn is yours and over time, your home will increase in value.
In purchasing any property in BC, you will need to plan for some costs above the purchase price of the property.