Some points to be aware of when buying or selling real estate in British Columbia...
Establish with your salesperson
Establish with your salesperson whether they represent you as a buyer’s agent, seller’s agent, or a dual agent.
Property Transfer Tax
Property Transfer Tax of 1% on all property sold up to $200,000.00, and 2% on the balance up to a purchase price of $2,000,000.00.
GST
In some situations GST (Goods and services tax) of 5% is applicable. Existing homes are not as a rule subject to GST
commissions paid
All sellers are required to pay 5% GST on the commissions paid on a sale.
