No matter where one moves to in Victoria, it’s like living in a park. The region is crisscrossed with green belts, dedicated bike paths, and public parks, making for a supremely high quality of life.
Greater Victoria is comprised of 13 municipalities, including the City of Victoria itself. Others include Saanich, Oak Bay, Esquimalt, View Royal, Colwood, Langford, Highlands, Metchosin, Sooke, Central Saanich, North Saanich, and Sidney.
FOREIGN BUYER BAN - Census Areas
Individuals selling their residence within 12 months of acquisition will now be taxed as business income and be ineligible for either the 50 per cent capital gains rate or the principal residence exemption. There are exemptions for life events such as a divorce or death.
GENERAL PROPERTY TRANSFER TAX
The general property transfer tax applies for all taxable transactions. The general property transfer tax rate is:
-1% of the fair market value up to and including $200,000
-2% of the fair market value greater than $200,000 and up to and including $2,000,000
-3% of the fair market value greater than $2,000,000
-Further 2% on residential property over $3,000,000
If the property is mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
If the property includes land classed as farm only because it is used for an owner’s or farmer’s dwelling, up to 0.5 hectares will be treated as residential property.
FIRST TIME BUYER EXEMPTION
Be a Canadian citizen or permanent resident
Lived in B.C. for at least a year immediately before the date you register the property
Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date
Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time
Have never received a first time home buyers' exemption or refund
and the property must:
Only be used as your principal residence
Have a fair market value of $500,000 or less
Be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption from the tax if the property:
Has a fair market value less than $525,000
Is larger than 0.5 hectares
Has another building on the property other than the principal residence
FIRST TIME BUYER RRSP
FOREIGN BUYER PTT in CRD = 20%
NEW BUILT HOME PTT EXEMPTION
Be located in B.C.
-Only be used as your principal residence
-**Have a fair market value of $750,000 or less**
-Be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption, if the property:
-Has a fair market value greater than $750,000 and less than $800,000
-Is larger than 0.5 hectares
-Has another building on the property other than the principal residence
GST NEW HOUSING REBATE
New principle residence home up to $450k. Rebate from the standard 5% GST.
SPECULATION AND VACANCY TAX
2% for foreign owners and satellite families
0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
The speculation and vacancy tax applies based on ownership as of December 31 each year.
Home Buyers Toolbox
CMHC Home Buying Step by Step - https://www.cmhc-schl.gc.ca/en/consumers/home-buying/buying-guides/home-buying/homebuying-step-by-step-your-guide-to-buying-a-home-in-canada
CMHC Condominium Home Buyers Guide - https://www.cmhc-schl.gc.ca/en/consumers/home-buying/buying-guides/condominium
CMHC Affordability Calculator - https://www.cmhc-schl.gc.ca/en/consumers/home-buying/calculators/affordability-calculator
CMHC Newcomers to Canada - https://www.cmhc-schl.gc.ca/en/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/cmhc-newcomers
Gov’t Canada First Time Buyers Tax Credit - https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount.html