Buyers Estimate of Closing Costs

Closing costs are one-time fees that the buyer of real estate must pay when they decide to purchase a property. 
Closing costs is an umbrella term for the many various fees related to purchasing a home. 
These costs include but are not limited to land or property transfer taxes, lawyer fees, inspection fees. 
They have to be paid upfront and, in most cases, can't be rolled into your mortgage. Generally, it is a good idea to budget between 3% and 4% of the purchase price of a resale home to cover closing costs. 
Find out your closing costs using our calculator below and prepare a realistic budget in advance to avoid unexpected surprises down the road.

Is there a Rebate of BC GST for Real Estate?

Yes. For homes under $350,000 that the buyer intends on living in, there is a full 36% rebate of the GST referred to at the G.S.T. New Housing Rebate. Property purchases between $350,000 and $450,000 is gradually reduced to nothing. Homes over $450,000 get no GST New Home Rebate.

Is there a BC GST Rebate for Rental Properties?

Yes. For new properties a buyer intends to rent out, there may also be a rebate available referred to as the GST New Residential Rental Rebate (GST NRR Rebate). As with the GST New Housing Rebate, the full GST NRR Rebate is only available for new properties under $350,000 and a partial rebate is available for properties priced between $350,000 and $450,000. There is no rebate for properties over $450K

  1. To qualify for this rebate the Buyer must meet certain conditions which include:1. the Purchaser must not be entitled to claim input tax credits in respect of any part of the tax payable on the acquisition of the rental unit.
  2. The rental unit must be a “qualifying residential unit” which means the person applying for the rebate must be the owner of the unit and the unit must be a self contained residence as defined in the Excise Tax Act;
  3. The property must be held by the owner for the purpose of making exempt supplies (for example, a residential tenancy)
  4. The property must be used as a primary place of residence by the tenants and must be so used for at least one year and the Purchaser will have to provide a copy of the tenancy agreement showing a term of at least one year.

How is the BC GST on property sales calculated?

BC GST is calculated on the purchase price of the property as laid out in the Contract of Purchase and Sale.

Is BC GST payable on all property transactions?

No, only new properties are subject to BC HST.

What is the Property Transfer Tax (PTT) in BC?

Property Transfer Tax or PTT is a tax on the transfer of ownership of properties in BC.

British Columbia’s Property Transfer Tax is payable on the fair market value as follows:

  • 1% on the first $200,000.
  • 2% between $200,000 and $2,000,000.
  • 3% on the amount of the fair market value above $3,000,000.
  • 5% on the fair market value above $3,000,000

Is there a PTT exemption for First Time Home Buyers in BC?

Yes, buyers who are BC residents and have not purchased a property anywhere in Canada or the world are are not required to pay PTT when buying a property in British Columbia under $500,000.

When is GST payable on Real Estate Transactions in BC?

Upon Completion of the Contract of Purchase and Sale at the Land Titles Office.

When is PTT Payable on Property Sales in British Columbia?

Again, upon Completion of the Contract of Purchase and Sale (Subject Free Accepted Offer) at the Land Titles Office.

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RE/MAX All Points Realty

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