Property Tax Figher Guide

For home owners

How to protect your value:

Every year you were in the Aliti assigns and assesses a value to your property, on which you owe tax. If you don’t believe this is a fair assessment (up or down!), there are things that you can do. Here’s my guide to keep in control of your home assessment value.

Support and know-how, even after you get the keys.

Whether you are a first-time homebuyer or an experienced property owner, there are dozens of ownership ins-and-outs wherever you live. I’m here to help make sure that you navigate the waters safely and accurately. I work with my clients, not only until they buy and move into their home, but for years after as well. 

Greater Victoria

Canada's Natural Beauty

Exclusive Listings For Sale

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Dean Robertson

Personal Real Estate Corporation

Royal LePage Coast Capital Realty | Saanich
110-4460 Chatterton Way
Victoria BC, V8X 5J2

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FAQ

Buying or selling a property is one of the most important financial decisions most people make. Having a trained Realtor to guide you through the process can save you time, money and ensure your interests are protected. Licensed Realtors have access to the full MLS service, which allows them to help you find what you are looking for or ensure your property gets the best exposure for sale.

The deposit is held in trust by the buyer’s agent’s brokerage or lawyer, as applicable. The brokerage holds it in trust until completion. Once the sale completes, the funds are transferred to the seller’s lawyer or notary.

  • Financing
  • Property Inspection
  • Appraisal
  • Strata Document review, if applicable
  • Insurance
  • Title Review

The government requires that we complete a Financial tracking form for everyone buying or selling property to meet mandatory Anti-Money Laundering regulations .

Conveyancing taxes, also known as Property Transfer Tax, are the taxes charged on the transfer of title to a property in British Columbia and are levied by the Provincial Government. The amount of Property Transfer Tax paid is assessed based upon the fair market value of the property. Property Transfer Tax is levied on any taxable transaction triggered by the transfer of title to a property in British Columbia, from residential homes to commercial real estate. For more information on Property Transfer Tax or to see if you qualify for an exemption, please check out the BC Government website HERE.

As of 2023, The amount of Property Transfer Tax (PTT) for residential properties is calculated as:
 1% on the first $200,000.00 of the fair market value of the property, 2% on the fair market value of property between $200,000.00 to $2,000,000.00, 3% on the fair market value of the property between $2,000,000.00 to $3,000,000.00, and 5% for the remainder of the fair market value of the property.
For a home sold at $500,000, The PTT would be 1% of the first $200,000 and 2% of the remaining $300,000 for a total of $8000.

Closing costs are defined as all fees paid to purchase a property and move in. Many variables and considerations affect the final amount of closing costs in BC; however, you can generally expect to pay between 2% to 4% of your property value. This is in addition to any inspections and appraisals you might need to complete in the condition period.

On January 3, 2023, the B.C. government implemented the Home Buyer Rescission Period (“HBRP”) for residential real estate transactions. This measure gives homebuyers up to three business days to rescind an offer on a home after the offer has been accepted. If the buyer exercises their rescission rights, they must:
– notify the seller in writing before the period expires
-pay the seller a rescission fee of 0.25% of the accepted offer amount.
For more information on the Rescission Period and your rights, please check out the BCFSA resources page, which you can access HERE.

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