Bruce McCallum, REALTOR®

Homes In Victoria

As a home buyer, you might have to pay PTT (Property Transfer Tax)

If you are planning a move and are trying to calculate all the expenses you might have, don't forget that as a home buyer, you may be subject to a Property Transfer Tax. It's based on the purchase price of the property.


For complete details on PTT, CLICK HERE.

 

As there are many different situations (first-time home buyers, non-residents in BC, etc.), there may be a reduction or exemption in the PTT. However, for many home buyers, the Property Transfer Tax will be equal to 1% of the first $200,000 plus 2% of the amount from $200,001 to $2 Million plus any amount over $2,000,001 will be charged at 3%

 

Want a PTT calculator to make it simple? CLICK HERE

 

First-time home buyer? CLICK HERE

 

It's just another detail that you should budget for.

 

Happy Home Hunting!


 

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From the CBC web site:

 

The B.C. government took steps Monday to reduce some of the pressure in Metro Vancouver's overheated real estate market, introducing legislation that would add a 15 per cent property transfer tax for foreign nationals buying real estate there.

 

The new rules take effect Aug. 2 and only apply to home purchases in Metro Vancouver, excluding the treaty lands of the Tsawwassen First Nation.

 

CLICK HERE FOR FULL STORY

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