EDMOND YU

GST - If you buy a newly constructed home, you must pay the 5% HST. However, if your house is less than $450,000 you may be eligible for a rebate. There is no GST on resale housing unless there have been substantial renovations to the property... Property Transfer Tax - When a residence is purchased a Property Transfer Tax (PTT) is applied. The tax is calculated at 1% on the first $200,000 and 2% on the remainder. The First-Time Home Buyers' Program offers an exemption to PTT if the fair market value of the residence is $325,000 or less, in the Greater Vancouver, Fraser Valley and Capital Regional Districts. The threshold for the rest of BC is $265,000. In all regions there is also a proportional exemption for first-time buyers of homes with a fair market value up to $25,000 above the thresholds. This means in the Greater Vancouver area, homes valued up to $350,000 ($325,000 threshold + $25,000 proportional exemption) will be charged a pro-rated PTT. For more information please visit:..

Primary location: Oakridge