Investing in Property in British Columbia
If you are looking to purchase an investment home in British Columbia, we have compiled some information to help in your buying decision. We begin with a section about the basic costs involved in purchasing a residential investment property. Please keep in mind that prices and percentages quoted represent average costs, may vary per area and are subject to change at any time without notice. Other costs, not mentioned here may come into play depending upon your purchase.
Basic Costs of Purchasing Investment Property in B.C.
(All Prices Listed in Canadian Funds and based on costs in late 2000s)*
| Home Inspection | $250-800 CAD |
| Septic Inspection | $200-400 plus Pump-Out fee (avg. $150 plus disposal fee/gallon) |
| Well Inspection | $85-100/hr. |
|
Agent Fees |
Normally 7-8% of first $100, 000 & 3% of remainder (plus 6% GST on this commission) |
| Legal Fees | Varies |
| Property Taxes | Balance of taxes seller has pre-paid. As an investor, you are responsible for the entire property tax bill (no special government grants). |
| Property Transfer Tax | Usually 1% of the first $200 000 and 2% of the value thereafter. |
| GST (April 1, 2013) | 7% on new construction (rebates possible in some cases). |
*All prices and info on this page subject to change without notice.