Property Transfer Tax (PTT) is charged on the fair market value. There is a further PTT applied to foreign purchasers other areas in BC, but it does NOT apply to foreign purchasers in Whistler & Pemberton.
In BC all buyers must pay:
In BC all buyers must pay:
1% on the first $200,000,
Strata fees
Homeowners pay "strata" or "condo" fees. The Strata Corporation may also levy special assessments for extraordinary expenses, should there not be sufficient money in the contingency reserve fund. Purchasers should determine what rights they have to use the common areas such as parking stalls and lockers, if applicable.
Financing
Lending institutions require an appraisal of the property and, sometimes, a survey certificate before approving your loan; it may be your responsibility to pay the appraiser's fee and the surveyor's fee.
Fire & Liability Insurance
The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds. In the case of strata properties, this insurance coverage is already in place.
Legal Fees
The lawyer or notary public will charge a fee, plus disbursements, including the Land Title Registration fee. If you are financing your purchase with a new mortgage loan, there will be a further fee and disbursements to prepare and register the mortgage documents.
Property Inspection
Although not mandatory, it is highly recommended that you have a qualified home inspector do a thorough inspection of the property to detect deficiencies or concerns that you may not be aware of.
Tourism Whistler (TW) Fees
These are quarterly fees payable to the Tourism Whistler and apply to properties zoned for nightly rentals. The cost can be reduced if owners use the property for personal use.
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000.
First Time Home Buyers using the property as their principle residence may be exempt from this tax.
A New Housing exemptionapplies to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and a partial exemption will apply on newly built homes priced $750,000 to $800,000.
First time Home Buyers click here.
Goods & Services Tax (GST)
Newly constructed homes are subject to 5% GST on the purchase price. However, if the home is under $350,000, a rebate will reduce the GST. If the price is over $350,000, the net GST to be paid increases gradually until it is a full 5% at amounts over $450,000.
GST tax also applies on the resale of accommodations which have been rented out for short-term/nightly rentals. The payment of GST can be deferred if the new owner intends to offer the property available for short-term/nightly rental for ninety percent (90%) of the time and becomes a GST registrant. Becoming a GST registrant is a relatively straightforward procedure of completing approximately four forms. Once you are a GST registrant, you are entitled to claim credits for the GST that you pay, for example, on legal fees, property management fees, hydro, cable, telephone. You are then required to charge, collect and remit GST on the nightly rentals, which in some instances may be done through your property manager. You will be required to annually file a GST Return. Please refer to a professional accountant for GST and tax advice.
A New Housing exemptionapplies to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and a partial exemption will apply on newly built homes priced $750,000 to $800,000.
First time Home Buyers click here.
Goods & Services Tax (GST)
Newly constructed homes are subject to 5% GST on the purchase price. However, if the home is under $350,000, a rebate will reduce the GST. If the price is over $350,000, the net GST to be paid increases gradually until it is a full 5% at amounts over $450,000.
GST tax also applies on the resale of accommodations which have been rented out for short-term/nightly rentals. The payment of GST can be deferred if the new owner intends to offer the property available for short-term/nightly rental for ninety percent (90%) of the time and becomes a GST registrant. Becoming a GST registrant is a relatively straightforward procedure of completing approximately four forms. Once you are a GST registrant, you are entitled to claim credits for the GST that you pay, for example, on legal fees, property management fees, hydro, cable, telephone. You are then required to charge, collect and remit GST on the nightly rentals, which in some instances may be done through your property manager. You will be required to annually file a GST Return. Please refer to a professional accountant for GST and tax advice.
Underused Housing Tax (UHT) for Foreign-Nationals
The underused housing tax in British Columbia is a tax took effect in January 2022 as part of the province's efforts to address the issue of housing affordability and availability. The tax is aimed at discouraging property owners from leaving their homes vacant for extended periods of time, as this can contribute to the shortage of housing options in high-demand areas.
The tax applies to residential properties in designated areas of British Columbia that are left vacant for six months or more in a calendar year. The tax rate is an annual federal 1% tax of the property's assessed value for the 2018 tax year, and 2% for subsequent years.
Property owners are required to declare whether their property is vacant or not, and those who fail to do so or who provide false information may face penalties. Exemptions are available for certain circumstances, such as properties that are undergoing renovations or properties that are used for short-term rentals.
Overall, the underused housing tax is intended to encourage property owners to either rent out their vacant properties or sell them, in order to increase the availability of housing in British Columbia. More info HERE.
Strata fees
Homeowners pay "strata" or "condo" fees. The Strata Corporation may also levy special assessments for extraordinary expenses, should there not be sufficient money in the contingency reserve fund. Purchasers should determine what rights they have to use the common areas such as parking stalls and lockers, if applicable.
Financing
Lending institutions require an appraisal of the property and, sometimes, a survey certificate before approving your loan; it may be your responsibility to pay the appraiser's fee and the surveyor's fee.
Fire & Liability Insurance
The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds. In the case of strata properties, this insurance coverage is already in place.
Legal Fees
The lawyer or notary public will charge a fee, plus disbursements, including the Land Title Registration fee. If you are financing your purchase with a new mortgage loan, there will be a further fee and disbursements to prepare and register the mortgage documents.
Property Inspection
Although not mandatory, it is highly recommended that you have a qualified home inspector do a thorough inspection of the property to detect deficiencies or concerns that you may not be aware of.
Tourism Whistler (TW) Fees
These are quarterly fees payable to the Tourism Whistler and apply to properties zoned for nightly rentals. The cost can be reduced if owners use the property for personal use.
