Buying BC Property: What Albertans Need to Know

  1. Real Property Reports are not done for a residential home purchase in BC;
  2. Property Transfer Tax is payable on most home transactions in BC (1% of the first 200k and 2% of the remainder);
  3. Principal residents get the Home Owner Grant to reduce municipal property taxes, but this only applies to principal residences (not to vacation properties).
  4. Strata Depreciation Reports are BC’s equivalent of AB Reserve Fund Studies for Condominiums and are critical to review for any strata property purchase.

Questions?  Contact us at 250-762-5434 or lawyers@pihl.ca

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