In a previous blog post, we looked at what the property transfer tax is in B.C. This provincial tax is a heavy burden and significant closing cost. This is especially true in expensive Fraser Valley real estate markets like North Delta, Surrey, Langley, Abbotsford and Mission.
I thought it might be useful to provide some specific examples and put some numbers to just how much the property transfer tax can add to the purchase of a home in B.C.
Using statistics current as of February 2022, here are some illustrations below:
As you can see, the property transfer tax in B.C. can add tens of thousands of dollars to the cost of buying a home in Metro Vancouver and the Fraser Valley.
As always, you should consult with a legal professional to calculate the exact amount of property transfer tax you might owe on the aquisition of a home in the Fraser Valley or Metro Vancouver. The above examples were for illustrative purposes only and each buyer's situation is unique.
The provincial government has a handy calculator that you might want to check out, to estimate property transfer tax payable.
If you are in the the market to buy a house, townhouse or condo and looking for a real estate agent, please contact me today. I can help you navigate all aspects of purchasing a home, including understanding your closing costs.