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Getting
a British Columbia mortgage is important, but when you
have your British Columbia mortgage, don’t forget that
the Property Transfer Tax is a provincial tax that is
payable upon the purchase of real estate in British
Columbia.
The
tax is equal to one percent on the first $200,000 in value
and two percent on the balance. There currently is an
exemption for first time buyers with British Columbia
mortgages, but there are a number of requirements to
qualify, including:
(a) Must be the purchase of a principal residence;
(b) The purchaser must be a Canadian citizen or permanent
resident of Canada;
(c) The purchaser must have resided in the province of
British Columbia for at least one year immediately prior
to the application to register the purchase of the
principal residence;
(d) The purchaser must not have previously owned an
interest in a principal residence anywhere in the world;
(e) The fair market value of the land and improvements
must not exceed $275,000 within the Capital Regional
District, Greater Vancouver, Central Fraser Valley,
Dewdney-Allouette and Fraser Cheam and $225,000 if the
property is located elsewhere in the province;
(f) Your British Columbia mortgage (the amount borrowed to
finance the purchase), and registered against title, must
be 70% or greater of the fair market value; and
(g) The British Columbia mortgage must have a term of at
least one year.
These
are major requirements which should be reviewed with your
realtor, lender or lawyer to ensure that you qualify.
To
get a British Columbia mortgage, click
here.
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