Buying A Home
Buying a home is both exciting and stressful, whether it’s your first home or another purchase later in life. Here are some helpful resources to guide the purchase of your most important investment, your home.
Much of the stress is managing the complex paper work and process. An experienced realtor with a strong reputation in the area can take control of the process and reduce the buyer’s concerns. Richard and his team is that realtor that can guide you through the process, especially when buying into a new location. From neighborhood characteristics, home selection, budgeting, offers, and closing, his experience in the Island market can help you target the kind of home to match your needs.
Below is a list of independent resources to help provide you with information on buying a home in BC. Home shopping is the fun part, but there are other considerations that can help make the home buying process both educational, simple and without unexpected surprises. For example, budgeting and know what you can afford is a starting point. Peruse the information below and let know if you think we missed any important home buying questions.
- How much money do I need to buy a house in BC?
- What is the process for buying a house in BC?
- What are closing costs when buying a house in BC?
- Who pays the property transfer tax in BC?
- Is it a good time to buy a house in BC?
- How do I buy a house in BC for the first time?
- Do you pay GST on used homes in BC?
How much money do I need to buy a house in BC?
If the purchase price is less than $500,000, the minimum down payment is 5%. If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.
What is the process for buying a house in BC?
Step-by-step guide to buying a home
- Decide if you’re hiring a real estate agent. You can look for a home on your own or may decide to ask a professional to help you. …
- Look into mortgage options. …
- Make an offer. …
- Remove any subject clauses. …
- Prepare the transfer paperwork. …
- Complete the sale.
What are closing costs when buying a house in BC?
Closing costs are inevitable when you’re buying a home in British Columbia. When buying a home, your costs will be your lawyer/notary fee and the Property Transfer Tax. Your biggest cost will be the Property Transfer Tax. If the house is newly built, you will have to keep in mind GST, which is 5% of the home price.
Who pays the property transfer tax in BC?
On the purchase of any property in British Columbia, the purchaser must pay Property Transfer Tax (PTT) on the transaction. The PTT is calculated as follows: 1% of the taxable transaction’s fair market value that does not exceed $200,000. 2% of that fair market value that exceeds $200,000 but does not exceed $2,000,000 …Jan 23, 2022
Is it a good time to buy a house in BC?
There will always be reasons why you should buy. And reasons why you should not buy. You should speak to people you trust about the reason why you are thinking about your next move and ask your professional Realtor about current market conditions.
Then with all you information, “Make your own Decision.”
How do I buy a house in BC for the first time?
- Lived in B.C. for at least a year immediately before the date you register the property.
- Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date.
Do you pay GST on used homes in BC?
Sales of used owner-occupied homes are usually exempt. In most cases, the GST/HST does not apply to the sale of an owner-occupied home since the owner is not a builder. Only homes sold by builders are taxable.
Additional Buying Resources
- BCFSA: Buying a Home | https://www.bcfsa.ca/public-resources/real-estate/buying-home
- WOWA: How to Buy a House in British Columbia | https://wowa.ca/buying-house-in-bc
- Real Estate Board: What Are The Buying Costs Of A Home? | https://www.rebgv.org/content/rebgv-org/news-archive/buying-costs.html
- Home Buyer’s Road Map | https://www.realtor.ca/resource/homebuyers_road_map.pdf