BC Property Transfer Tax - A Reminder

There are costs and fees payable in any real estate transaction, no matter whether you are a buyer or seller of property. That's just lfe!

One of the larger financial considerations if you are a BUYER is to plan for the BC Property Transfer Tax.

In summary:

The tax rate is 1% on the first $200,000 of the fair market value of the property, plus 2% on the fair market value over $200,000.

For example, if the fair market value of the property is $150,000 the tax is 1% of $150,000 or $1,500.

If the property's fair market value is $450,000 the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $250,000 ($5,000) for a total tax of $7,000.

If the property's fair market value is $650,000 the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $450,000 ($9,000) for a total tax of $11,000.

If the property's fair market value is $950,000 the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $750,000 ($15,000) for a total tax of $17,000.

A far more detailed explanation can be found on the Government of BC website.

If you have any questions on how BC's Property Transfer Tax may apply to your future transaction, please contact me on (604) 781-5692 or though this website.

My business grows by building strong client-focused relationships. I would welcome the opportunity to answer any questions about the real estate market that you may have.

If you would like to find out how much your home is worth in today's market, to discuss listing your home or buying a new home, please contact me on (604) 781-5692 or via email - tim@timwray.ca