The costs for Home Buyers in Vancouver are outlined below
- Conveyance of title (typical cost $500 – $1500).
- Standard Inspection *upon request (typical cost $500 – $1500).
- Appraisal (typical cost $250-500) – Often covered by your lender as part of the mortgage agreement
- Home insurance (premiums vary consult your insurance broker).
- Property Transfer Tax (PTT) : 1% on the first $200,000 and 2% up to $2,000,000 and 3% from $2,000,001+.
- Foreign Buyer Tax: If the property is within the Greater Vancouver area, the tax amount is 20% of the fair market value of your proportionate share.
You may not have to pay the additional property transfer tax if you are a confirmed B.C. Provincial Nominee and meet certain criteria.
. Provincial Nominee
If you are a foreign national individual who receives confirmation under the B.C. Provincial Nominee Program, you do not pay the additional property transfer tax if you claim the exemption.
To qualify for this exemption:
- You must be a confirmed B.C. Provincial Nominee when the property transfer is registered with the Land Title Office
- The property must be used as your principal residence
- The property transfer must be made to an individual
You may claim this exemption only once. If you purchase another property, you must pay the additional property transfer tax. Qualifications for every exemption claimed are reviewed.
To claim the exemption, your legal professional must send a copy of your B.C. Provincial Nominee confirmation letter together with the Property Transfer Tax Return and the Additional Property Transfer Tax Return (FIN 532) (PDF).
- GST of 5% is payable on new construction. Until April 1, 2015, a Transitional Tax of 2% is also applicable on new construction (less any applicable rebates)