I spent the day today with some Buyers and as we started talking about Closing Costs....it dawned on me that there are probably many people who don't know:  1.) That there is a Tax on on all properties Purchased in British Columbia; 2.) That yes - it is above and beyond the Commission, And any applicable G.S.T.); 3.) That is is a basic Fact of Life!

Land Transfer Taxes, levied on properties changing hands, are the responsibility of the purchaser. Depending on where you live in Canada, the taxes can range from 0.5% to 2% of the total value of the property.

Many provinces have multi-tiered taxation systems and these can be complicated. But here are the Land Transfer Taxes  in B.C.

British Columbia
Property Purchase Tax
Up to $200,000 X 1% of total property value
From $200,000 up X 2% of total property value

Here's an easy Land Transfer Tax Calculator  you can use to estimate the land transfer tax for your new property.

If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.