PROPERTY PURCHASE TAX

• PROVINCIAL TAX PAYABLE ON ALL PROPERTY SALES IN BC
• TAX IS 1% ON FIRST $200,000 AND 2% ON BALANCE

LEGAL FEES

• SELLER COSTS ARE NORMALLY IN $400 TO $600 RANGE
• BUYER COSTS WILL RANGE FROM $800 TO $1000 BUT CAN VARY DEPENDING ON COMPLEXITY OF TITLE TRANSFER
• ADDITIONAL FEES MAY BE INCURRED FOR THE PLACEMENT OF A MORTGAGE AND BE IN THE $350 TO $500 RANGE

PROPERTY INSPECTION

• FEES VARY DEPENDING ON SIZE OF PROPERTY BUT ARE USUALLY IN THE $300 TO $400 RANGE.  AND INSPECTION IS RECOMMENDED ESPECIALLY FOR OLDER PROPERTIES

APPRAISAL FEES

• AN APPRAISAL MAY BE REQUIRED BY THE MORTGAGE COMPANY.  MINIMUM COST IS $250 DEPENDING ON TYPE OF PROPERTY.  LENDER MAY PAY THIS CHARGE.

GST

• GST IS NORMALLY ONLY PAYABLE ON NEW CONSTRUCTION OR IF A PROPERTY IS BEING CONVERTED FROM COMMERCIAL USE (IE. DAILY OR WEEKLY RENTALS) TO RESIDENTIAL (IE. 28 DAY RENTALS OR LONGER OR FOR PERMANENT RESIDENCE.
• AGE OF PROPERTY HAS NO BEARING ON CONVERSION NOTED ABOVE
• NO GST IS PAYABLE IF PROPERTY CHANGES FROM RESIDENTIAL TO COMMERCIAL
• WHETHER PROPERTY IS PRIVATELY OWNED OR OWNED BY A CORPORATION HAS NO BEARING ON THESE RULES
• GST CAN BE DEFERRED BY BECOMING A GST REGISTRANT IF  THE PROPERTY IS BEING MADE AVAILABLE FOR NIGHTLY RENTALS.  MOST PROPERTIES IN THE VILLAGE ARE BEING USED COMMERCIALLY MOST OF THE TIME AND THE OWNERS HAVE AVOIDED PAYING GST ON PURCHASE PRICE BY REGISTERING.  RENTAL MANAGER MUST THEN COLLECT GST ON RENTAL REVENUE
• GST IS 6%
• RULES MAY CHANGE AT ANY TIME AND IT IS RECOMMENDED THAT BUYERS AND SELLERS CONFIRM STATUS OF PROPERTY WITH GST OFFICE AND/OR WITH THEIR ACCOUNTANT

MISC. COSTS

• SURVEY FEES
• PRORATED PREPAID STRATA FEES, TOURISM WHISTLER ASSESSMENTS, AND PROPERTY TAXES
• ENGINEERING REPORTS