Vancouver Condo Real Estate Video Blog #728 - August 20, 2012
Don't Focus on the Property Transfer Tax Focus on the Condo
Ian Watt video blogs about how too many people Focus on the Property Transfer Tax and buying under the $425,000 mark instead of buying the right condo for the best value. 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.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. In the province of British Columbia we have a property transfer tax paid by the buyer. Which is 1% on the first 200,000 2% on the remainder. There are exemptions if your first time buyer up to 425 you are exempt from the property transfer tax. But most properties, yes we have to pay this and of course it starts about $7,000 dollars up to whatever 30, 40, 50 thousand dollars depending on the price of your property. You can’t finance that you have to use cash to do that but a lot of first time buyers are very focused on 425 mark to save the $7,000 dollars. But if you push your price up to 450 now that all the prices in Downtown Vancouver have come down you get a whole lot of condo for 450. So instead of focusing on the property transfer tax and trying to buy under 425 do the month because maybe it’s a better purchase to pay the property transfer tax and buy something at the 450 mark cause you might get a whole lot more condo and price per square foot it might make more sense. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!