Land Taxes
When buying a home in Penticton you must remember BC's land transfer tax. This is 1 % on the first $200,000 and 2% on the remainder. First time buyers are exempt up to a certain amount. Factor this into your closing costs.
Example
Purchase Price is $200,000.00
PPT (as mentioned above) $2.000.00
+ legal costs:
+costs associated with the mortgage
+appraisal and inspection fees
+gst if new housing
Land transfer taxes by province
British Columbia
Up to $200,000 X 1% of total property value
From $200,000 up X 2% of total property value
Manitoba
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total property value
From $90,000 to $150,000 X 1% of total property value
From $150,000 up X 1.5% of total property value
Ontario
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value
Quebec
Up to $50,000 X 0.5% of total property value
From $50,000 to $250,000 X 1% of total property value
From $250,000 up X 1.5% of total property value
Noval Scotia
Halifax Metro
1.5% on total property value
Outside Halifax County
Check with local municipality
