First time home buyers in British Columbia have several benefits available to them when buying a home. As a mortgage broker our goal is to make sure you can take advantage of these opportunities available to ensure you can purchase a home and try and utilize all of the advantages available to you.
Property Transfer Tax Exemption in British Columbia
In general, when you buy a property BC, you will pay a tax for purchasing the property. The tax is 1% on the first $200,000 and 2% on the remainder over that. Therefore on a $500,000 property you will pay $2000 plus $6000 for a total of $8000. You may get an exemption on paying this ta