Clarification ref buying a property in BC
Jan 11th 2006 | 3:33 am
#1
Thread Starter
Lotus-eater
Joined: Jan 2004
Posts: 5,069
From: Cascadian Autonomous Elysian Region
Clarification ref buying a property in BC
For purposes of clarification and to avoid scare mongering:
In the UK one pays Land Transfer Tax to the government.
When buying a home in BC, one pays "Property Transfer Tax" to the BC government, via your lawyer with all other relevant fees. British home buyers will be used to this process as it is very familar and similar to the UK, therefore it should not come as a shock to UK citizens emigrating to Canada/ BC that PTT is payable on a property. I would suggest that only the most naive person of British extraction would not expect to pay a fee similar to PTT.
Relevant information can be found below including exemptions and the actual act itself.
http://www.suepalmermortgages.com/ptt.htm
http://www.rev.gov.bc.ca/rpt/ptt/ptt.htm
http://www.qp.gov.bc.ca/statreg/stat/P/96378_01.htm
For any members planning to buy proeprty in BC and not 100% familiar to the process, to search realtor websites in BC and find a potted guide to home buying - there are many available and they serve a good purpose.
And of course there are many forum members who have and will answer specific quations you may have regarding property purchase.
Rich.
In the UK one pays Land Transfer Tax to the government.
When buying a home in BC, one pays "Property Transfer Tax" to the BC government, via your lawyer with all other relevant fees. British home buyers will be used to this process as it is very familar and similar to the UK, therefore it should not come as a shock to UK citizens emigrating to Canada/ BC that PTT is payable on a property. I would suggest that only the most naive person of British extraction would not expect to pay a fee similar to PTT.
Relevant information can be found below including exemptions and the actual act itself.
http://www.suepalmermortgages.com/ptt.htm
http://www.rev.gov.bc.ca/rpt/ptt/ptt.htm
http://www.qp.gov.bc.ca/statreg/stat/P/96378_01.htm
For any members planning to buy proeprty in BC and not 100% familiar to the process, to search realtor websites in BC and find a potted guide to home buying - there are many available and they serve a good purpose.
And of course there are many forum members who have and will answer specific quations you may have regarding property purchase.
Rich.
Jan 12th 2006 | 12:57 am
#2
BE Enthusiast
Joined: Jan 2005
Posts: 605
From: Calgary
Re: Clarification ref buying a property in BC
Originally Posted by Rich_007
I would suggest that only the most naive person of British extraction would not expect to pay a fee similar to PTT.
Jan 12th 2006 | 3:05 am
#3
Thread Starter
Lotus-eater
Joined: Jan 2004
Posts: 5,069
From: Cascadian Autonomous Elysian Region
Re: Clarification ref buying a property in BC
Originally Posted by CalgaryBlade
Call me naive, I didn't realise that there was no PTT in Alberta until we got the bill from the lawyer
Rich.
