When purchasing a home in British Columbia, there’s more to it than just the contract price and your home inspection. Amongst the other financial responsibilities, there is another tariff we lucky people get to pay called the Property Transfer Tax (PTT). Unless you are a first time home buyer and have never held title on a property anywhere in the world, the tax man will be digging into your pockets. The fee is 1% on the first $200,000 and 2% on all monies after. This can add up in a hurry, and your expenses can skyrocket when you add in the HST on new construction, coming soon to our fair land. That is a whole other discussion!

Here is the link to the Provincial website containing all the information you would ever want to know about the PTT.

BC Government Property Transfer Tax

Remember, the purchase price of your home is just the beginning. Prepare your finances accordingly to save yourself a big surprise later ..but then that’s why you hired a Realtor to help guide you through the maze, isn’t it?

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