Vancouver Condo Real Estate Video Blog #712 - April 2, 2012
British Columbia Property Transfer Tax Paid By The Purchaser
Ian Watt video blogs about the British Columbia Property Transfer Tax which is paid by the purchaser and equals 1% on the first $200,000 and 2% on the remainder. There are some exemptions for buyers up to $425,000 for people have never previously owned property with a sliding scale up to $450,000. If you want to voice 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012 http://www.Chapter12.ca/ .
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. I get this email all the time or this question all the time What’s the Property Transfer Tax in British Columbia? And a lot of people in other provinces or around the world don’t have a property transfer tax. It’s a tax paid when a buyer buys a property. Doesn’t matter if it’s a brand new property or a used property there is a tax that goes to the provincial government. So for example, if you’re buying a place you have to factor in not into your mortgage but to have the cash ready for 1% on the first $200,000 and 2% on the remainder. 1% on the first $200,000 2% on the remainder so depending on what you're buying make sure you have an extra five, ten, fifteen thousand dollars laying around to do your purchase. There are some exceptions though, first time buyers not just first time in the province of British Columbia. First time buyers ever are exempt up to 425 and there’s a sliding scale from $425,000 to $450,000 dollars so you will pay a little bit less for a little complicated get your lawyer to figure it out that one. But nonetheless, just remember 1% on the first $200,000, 2% on the remainder and hopefully if you’ve never been bought a property before and it’s under $425,000 dollars you get a basically an exemption for paying that one time fee. My name is Ian Watt and if you have any questions about the Property Transfer Tax in the lovely province of British Columbia. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!