Victoria, BC – February 20, 2018. The British Columbia Real Estate Association calls on government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5% for properties over $3 million, as well as the increase to 20% and expansion of the Foreign Buyer’s Tax to other parts of the province will have an immediate impact on transactions … [Read more...] about New taxes unlikely to stabilize housing market
On August 1, 2016, the provincial government implemented an additional 15 per cent Property Transfer Tax on all residential sales transactions by foreign entities in Metro Vancouver. Home sales had already been cooling since spring 2016, and simply comparing a lower level of sales in August to the heights of the market in the early part of the year would dramatically overstate the impact. To analyze the impact in a more meaningful way, BCREA simulated how home sales in the Real Estate … [Read more...] about Foreign buyer tax impact
If you’re buying a home, it’s important to understand all the costs involved in completing the deal, in addition to the price you’re paying for your new home. Here’s an overview. Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. If you are borrowing part of your down payment through the BC Home Owner Mortgage and Equity (HOME) Partnership Program, there will be … [Read more...] about Countdown to closing. What you can expect to pay beyond the purchase price.