|
|
Property Transfer Tax
Property Transfer Tax - 1% on the first $200,000 and 2% on the balance.
- This money must be paid out with your own funds or a line of credit. You can not add this cost to your mortgage total.
To qualify for a FULL exemption to the Property Purchase Tax as a First Time Home Buyer, the following criteria must be met: - Purchaser must never have owned an interest in a principal residence anywhere in Canada at any time.
- Purchaser must be a citizen of or a resident of Canada and have resided in B.C for at least one year prior to the purchase.
- To obtain a full exemption, the purchase price must not exceed $425,000. There are partial exemptions between $425,000 & $450,000.
- Mortgage financing must be at least 70% of the fair market value of the property, and must have a term of at least 1 year. Limitations on re-payment amounts will be present.
- Purchaser of the property must reside and utilize the property as their principal residence for at least one year.
For more information on Property Transfer Tax please visit he link provided: http://www.sbr.gov.bc.ca/individuals/property_taxes/property_transfer_tax/ptt.htm
|
|
"Every real estate transaction must satisfy and fulfill your unique real estate needs." As a full time realtor, Chris Tioseco has an extensive knowledge of Vancouver, this wonderful urban city that he calls home. Driven to deliver exceptional results, Chris approaches each real estate opportunity with the same enthusiasm, expertise and professionalism that he would his own. Selecting your next home is one of the most important decisions you will ever make. Let Chris work diligently with you to achieve your current and future real estate goals." Site Updated [ 04/23/07 ]