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.

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%.

Mortgage Affordability Calculators – WOWA

What is the process for buying a house in BC?

Step-by-step guide to buying a home

  1. 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. …
  2. Look into mortgage options. …
  3. Make an offer. …
  4. Remove any subject clauses. …
  5. Prepare the transfer paperwork. …
  6. Complete the sale.

Buying a home in BC: A step-by-step guide – People’s Law School

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.

Closing Costs in British Columbia 2022 – Finder Canada

Who pays the property transfer tax in BC?

The purchaser

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

Property Transfer Tax Exemptions -| Real Estate Lawyers Victoria

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.”

When is the Best Time to Buy a Home? – CIBC

How do I buy a house in BC for the first time?

Have either:

  1. Lived in B.C. for at least a year immediately before the date you register the property.
  2. Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date.

First time home buyers’ program – Province of British Columbia

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.

Sales by Individuals of Owner-Occupied Homes – Canada.ca

Additional Buying Resources

  1. BCFSA: Buying a Home | https://www.bcfsa.ca/public-resources/real-estate/buying-home
  2. WOWA: How to Buy a House in British Columbia | https://wowa.ca/buying-house-in-bc
  3. Real Estate Board: What Are The Buying Costs Of A Home? | https://www.rebgv.org/content/rebgv-org/news-archive/buying-costs.html
  4. Home Buyer’s Road Map | https://www.realtor.ca/resource/homebuyers_road_map.pdf

Anchor Realty

Richard Goldney
RE/MAX Realtor

Phone

(250) 248-7777

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