Frequently Asked Questions
Some of the most common questions we get in real estate:
How much money do I need for a down payment?
Your down payment is calculated based on the purchase price of your home:
- $500,000 or less = 5% of the purchase price
- $500,000 to $999,999 = 5% on the first $500,000 of the purchase price and 10% for the portion of the purchase price above $500,000
- $1 million or more = 20% of the purchase price
Do I need to pay Property Transfer Tax? If so, how much?
If you are purchasing a resale property (not a new construction), then you will need to pay Property Transfer Tax (PTT). PTT is calculated based on the purchase price, as follows:
- 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
*In some cases, you may be eligible for a PTT exemption.
How much down payment is required for an investment property?
If you are purchasing a property that will NOT be your principal residence, then your down payment must be a minimum of 20% of the purchase price.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.