One of the larger financial considerations if you are a BUYER is to plan for the BC Property Transfer Tax.
In summary, the property transfer tax rate is calculated as follows:
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.
If the property is classified as residential and farm, or is residential mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
If you have any questions on how BC's Property Transfer Tax may apply to your future transaction, please contact me on (604) 781-5692 or though this website.
Whether you are looking to buy, sell or learn more about the market changes, call / text me on (604) 781-5692 or send an email to tim@timwray.ca to get the answers you need.
My business grows by building trust and strong client-focused relationships. I would welcome the opportunity to help you achieve your real estate goals.
If the property is classified as residential and farm, or is residential mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
You can calculate your potential Property Transfer Tax payment using the online calculator in the "Resources" section of this website. Alternatively, click here:
A far more detailed explanation can be found on the Government of BC website:
If you have any questions on how BC's Property Transfer Tax may apply to your future transaction, please contact me on (604) 781-5692 or though this website.
Whether you are looking to buy, sell or learn more about the market changes, call / text me on (604) 781-5692 or send an email to tim@timwray.ca to get the answers you need.
My business grows by building trust and strong client-focused relationships. I would welcome the opportunity to help you achieve your real estate goals.