Consult a Vancouver property management consultant if you intend to sell or purchase a property in Vancouver or anywhere else in BC. The amount of tax processed through the sale and purchase of the property must be calculated and submitted to the authority.
All buyers have to pay a tax while buying a property. Therefore, you need to consider the amount of taxation while signing the real estate agreement papers. A real estate calculator is essential to know the amount of tax in advance.
The Origin of Land Transfer Tax
The tax was first announced in 1987 to dissuade people from speculating about real estate rates and market fees. Seven years later, the government launched the First-Time Home Buyers’ Program and slightly modified the rate of taxation for tenant placement. In the subsequent years, the government made more changes in 2016, 2017, 2018, and 2021. Thus, if you want to buy a property in Vancouver (BC), take help from an expert realtor.
The rules and regulations for buying a property or land in Canada get more complicated when a non-citizen wants to own a property. They may need to pay additional taxes if the area falls under Capital Regional District, Nanaimo, Metro Vancouver Regional District, and others.
How Can a First-time Buyer Purchase Property?
A first-time buyer has to fulfill specific terms and conditions to buy a property in BC. Here are the eligibility criteria for them:
- The Vancouver realtor who wants to sell property must be a permanent citizen of Canada.
- A first-time buyer must be a Canadian citizen.
- You must not have owned any other land or property anywhere else.
- The land or property must be located in any city in BC.
Contact The Matt Kuras Team, a BC-based property transfer tax calculator, for more details and other signification information.
