Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency. Website: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $500,000. There is a proportional exemption for homes priced up to $525,000. http://www.sbr.gov.bc.ca/business/Property_Taxes/Property_Transfer_Tax/first_Time_home_buyer.htm

BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000 or more. http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Home_Owner_Grant/hog.htm

B.C. Real Estate New Home HST/GST Calculator

https://rosborough.b-cdn.net/wp-content/uploads/2019/11/B.C.-Real-Estate-New-Home-GST-Calculator-provided-by-the-law-firm-of-Rosborough-Company.html

Condo Resources

Condominium Buyers’ Guide

The Canadian Mortgage & Housing Corporation has a document available called the “Condominium Buyer’s Guide.” It’s a guide to help you become an informed condominium buyer and to help you make the best choice. It is available here -> https://www.cmhc-schl.gc.ca/en/buying/condominium-buyers-guide