Completion/Closing Costs: You've found your dream home, your offer has been accepted, conditions are removed, your loan has been approved and you're ready to move into your new home. One last step is the ‘Closing’ which is the process of transfer of ownership of the property from the current seller to the buyer. As a buyer, you will sign several documents in the presence of the notary/lawyer of your choice. 

Avery Law Office Located in Princeton, BC 

250.295.6971

averylawoffice.ca 

Property Transfer Tax: When you purchase or gain an interest in property that is registered at the Land Title Office, you're responsible for paying property transfer tax. The amount of tax paid is based on the value of the home & is calculated as follows: 

• 1% on the first $200,000
• 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000
• 3% on the portion of the fair market value greater than $2,000,000.