Buying & Selling Property
Buying or selling a home is probably one of the largest financial transactions you’ll ever make. It’s important to be well-prepared before purchasing or selling a home or investment property. Asking the right questions and getting the information you need, helps to protect you as a consumer and achieve a good result for you and your family.
Learn more on this page about:
- Home Inspectors
- New Home Warranty Insurance
- First Time Home Buyers Program
- Property Transfer Tax (PTT)
- Strata Housing
- Long Term Residential Lease
Assessing a property’s condition with the help of a licensed home inspector helps buyers make informed decisions before making a purchase.
- Learn more about hiring a home inspector at Consumer Protection BC.
- In 2009, British Columbia became the first province to introduce mandatory licensing of home inspectors. Information and updates on changes that impact home inspectors since 2009 are available here.
BC Housing's Licensing & Consumer Services provides information on the 2-5-10 year home warranty insurance for registered new homes or homes still included under warranty. Learn more at Licensing & Consumer Services.
British Columbians purchasing their first home may be able to reduce or eliminate the amount of property transfer tax they pay. Learn more about the First Time Home Buyers' Program.
When you purchase or gain an interest in property that is registered at the Land Title Office, you're responsible for paying property transfer tax. You pay the tax based on the fair market value of the property at the date of registration unless you qualify for an exemption. Learn more about the Property Transfer Tax and exemptions.
Property transfer tax is different from annual property taxes. Annual property taxes are paid yearly for each property you own or have a registered interest in to fund services in your area.
Strata housing is a popular choice in B.C. for the convenience, security, added amenities and good value.
- Living in a strata or condo is not the same as renting an apartment or owning a home which is not part of a strata corporation. Strata owners must pay strata fees and follow strata legislation and the strata's bylaws and rules. Learn more about Living in a Strata.
- When buying or selling strata properties there are also mandatory requirements such as disclosing the allocation of parking spaces and storage lockers, if any. Learn more in Buying and Selling Strata.
Some residential properties in B.C. are long term leaseholds (leased housing) that can be bought and sold to the end of the lease. While commercial leaseholds are very common, residential leaseholds are not.
Purchasers should be aware that residential leasehold contracts are not governed by either the Residential Tenancy Act (unless the leasehold owner has rented out the unit) or the Strata Property Act. Learn more about Long Term Residential Leases.
The content on this webpage is periodically reviewed and updated by the Province of British Columbia as per the date noted: December 14, 2016.
In 2009, British Columbia became the first province to introduce mandatory licensing of home inspectors.
Some residential properties in B.C. are long term leaseholds (leased housing) that can be bought and sold to the end of a contract. While commercial leaseholds are very common, residential leaseholds are not.