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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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There are 4 Taxes to Be Aware When Buying Vancouver Condos

Vancouver Condo Real Estate Video Blog #362 - July 15, 2009

There are 4 Taxes to Be Aware When Buying Vancouver Condos

Ian Watt video blogs about the 4 types of taxes to be aware of when purchasing a Downtown Vancouver Condo. If you want to oice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt : Hi Good Afternoon. Its Ian Watt in Downtown, Vancouver. I got an email from a guy in the United States. He sent an email regarding taxes in Canada. What taxes may be applicable to real estate in Vancouver? Well, first of all if you're buying a place there might be a Property Transfer tax. There are some exceptions for people who are first time buyers. You might wanna look deeper into that but basically, its 1% on the first 200,000 and 2% on the remainder. Furthermore, if you're buying from a developer there could be GST, Goods and Services Tax which is 5%. And thats for all brand new properties never occupied, never owned, buying from the developer. On top of that, we have our Municipal taxes. Of course, you know we have to pay our municipal taxes in Vancouver twice a year depends on the price of your property. But in Downtown Vancouver I think the cheapest one I've seen is about 1,000 dollars for a 400 square foot studio. Now if you are selling an investment property there could be capital gains taxes when you sell. If its your primary residence there are no taxes for capital gains. But if its for investment purposes there will be a capital gains tax. Those are the 4 taxes that I can think of. You can think of another one that slip in my mind. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca . Thank you very much and have a great day!