BC's Property Transfer Tax is 1% on the first $200,000, 2% on $200,001–$2M, and 3% above $2M. First-time buyers may qualify for a full exemption on homes under $500,000, and a partial exemption up to $525,000. New construction under $1.1M may also qualify for a PTT exemption.
Do I need a pre-approval before searching for homes in BC?
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Yes — a mortgage pre-approval is essential before starting your home search in Metro Vancouver. It tells you your exact budget, strengthens your offer (sellers take pre-approved buyers more seriously), and prevents disappointment. Most BC lenders offer pre-approvals valid for 90–120 days at no cost.
What is subject removal in BC real estate?
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Subject removal (also called condition removal) is the process of satisfying conditions written into a purchase contract — typically financing approval, home inspection, and strata document review. In BC, you typically have 5–10 business days to review and either remove subjects (completing the sale) or back out with your deposit returned.
How long does it take to buy a house in BC?
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Typically 2–4 months from starting your search to getting the keys. Pre-approval takes 1–5 days, searching takes 2–6 weeks, subject removal 7–14 days, and completion usually 30–60 days after the accepted offer. In competitive markets like Vancouver and Burnaby, you may need to act faster.
Strata fees are monthly payments for living in a condo, townhouse, or strata property in BC. They cover building maintenance, common areas, insurance for the building structure, and contributions to a contingency reserve fund. In Metro Vancouver, expect $250–$600/month for condos and $150–$400 for townhouses depending on the building's amenities and age.