What Does it Cost to Buy a Home?

What Does it Cost to Buy a Home?

Mortgage costs including a bank appraisal. Please see my links to several excellent Mortgage Brokers who are experienced in financing properties in Whistler.

Legal fees including searching and investigating the title, executing the mortgage documents and registration at the BC Land Title office.

Taxes

  • C. Property Transfer Tax (PTT) is applicable on all real estate purchases. It is 1% on the first $200,000 and 2% on the balance. First time homebuyers can get an exemption if the purchase price is under $375,000.
  • Goods and Services Tax (GST) as of January 1, 2008 the rate is 5%
    • Applicable on new construction and properties that have been rented out nightly.
    • GST can be deferred if the new owner plans to continue to rent out the property nightly and becomes a GST registrant at completion.
    • Your lawyer or accountant will assist you with GST advice

Adjustments for property taxes, maintenance fees etc. already paid by the seller at time of completion

Strata fees – a Monthly maintenance fee is applicable for all strata-titled buildings. Also referred to as Condo Fees or Body Corporate (Australia)

Tourism Whistler fees (if applicable) – this used to be called a ‘pillow tax’ as it is calculated based on the number of people that can be accommodated in the property. If the property is used mainly for personal use the fees are lower.


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