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Nanaimo & Gabriola
Island Home Buyers
Used appliances do not come with a warranty. However, they should be working on possession day.
BC Home Owner Grant
The BC Provincial Home Owner Grant reduces the amount of property taxes you pay. You may be eligible if you are a permanent resident of BC, a Canadian citizen or landed immigrant, and own and occupy your residence full time which would be your principal residence. In most cases, the regular grant entitles eligible owners to a maximum reduction in property taxes of $570 and additional grant for those 65 and older of up to $845. You may claim the regular grant if your property taxes are at least $350. You may claim the additional grant if your property taxes are at least $100. Your grant cannot reduce your net payment below these amounts. Please note property owned by non-residents and recreation property (must be your principle residence) are not eligible for this grant. The explanation provided is a very brief summary. The final decision as to qualification is at the sole discretion of the appropriate government ministry. Please click on the BC government Home Owner Grant webpage for the complete details.
BC Property Tax Deferment
The BC Property Tax Deferment Program allows BC home owners to defer payment of annual property taxes on homes occupied as principle residence if owners are 55 years or older; or a surviving spouse; or a disabled person as defined in the Disability Benefits Program Act; and if owners are Canadian citizens or landed immigrants who have lived in BC for at least one year immediately prior to applying for tax deferment benefits. You must have a minimum equity of 25 percent of the assessed value. This means that your mortgage and any other charges registered against your property can be up to 75 percent of the assessed value. The explanation provided is a very brief summary. The final decision as to qualification is at the sole discretion of the appropriate government ministry. Please click on the BC government webpage for the complete details.
BC Property Transfer Tax
There is a 1 % Property Transfer Tax (2% over $200,000) in British Columbia. This tax is payable on the purchase of all real property in B.C. The calculation is based on 1% of the purchase price up to $200,000 and 2% of any amount above $200,000. Most first time buyers are exempt from this if they meet certain criteria. The main criteria are: a) borrower has never owned a principal residence anywhere; b) maximum purchase price of $425,000 for a full exemption with a partial exemption for a fair market value of up to $25,000 above the threshold (i.e. up to $450,000); c) borrow at least 70% of purchase price; d) be a Canadian citizen or permanent resident, and residing in B.C. for a minimum of 12 months. The explanation provided is a very brief summary. Realtors are not tax experts and offer this information only as a guideline. This should be discussed with your accountant, notary or lawyer. The final decision as to qualification is at the sole discretion of the appropriate government ministry. Please click on the BC government webpage for the complete details.
BC Website Info BC Property Transfer Tax
BC Brochure First Time Home Buyer's Program
lines can be verified by locating the white corner posts indicating where the
metal peg should be. Over the years they go missing and/or moved by children. A
site survey or legal map can assist in locating them. A fence, hedge or grass
line does not necessarily indicate the property line.
Residential real estate is sold "As Is" so a professional building inspection is
always a good idea and highly recommended. There is no such thing as a perfect
house. Many components of a house wear out over time such as roofs, furnaces,
and hot water tanks. To avoid surprises after the fact, an inspection is worth
City Hall or the Regional District Office can be a valuable resource; however they may charge to look at individual property files. The property file contains copies of any correspondence with previous owners, inspections and house plans.
Everyone's, standard of cleanliness is different. There are no guarantees that a
property will be left for you clean to your standards. On viewing a property you
can get an idea of how it might be left. To be safe, count on cleaning it
yourself or hiring someone to do this.
This is not included in your taxes. Most property owners pay for garbage collection, to a firm servicing that area.
Unfortunately, the odd occasion, a seller does not remove all their garbage on
possession date. Garbage removal does involve time, effort & money. In some
situations this can be handled right in the offer if a large amount of garbage
is noticed when the property is viewed.
some keys will be turned over to the new homeowner on possession day. As
realtors we cannot authorize you to use the key any sooner than what has been
agreed to in writing. Because homeowners misplace keys lose keys, give keys to
friends, or may not have had keys to open all doors, I recommend (even if it is
a new house) re-keying the home you have purchased. It is worth your peace of
Holdback For Canadian Tax
Non-residents of Canada will be subject to a holdback for Canadian tax on profit when they resell the property. The holdback will be 25% of capital gains or 25% of the selling price if a certificate of disposition is not obtained by the time of completion. Properties which are owned by non-residents and rented out are subject to a holdback; 50% of capital gains or 50% of the selling price if a certificate of disposition is not obtained by the time of completion. The explanation provided is a very brief summary; it is recommended non-residents get advice from a Chartered Accountant regarding these issues prior to selling and/or renting out their property. Click on the link below for some more details.
As a requirement of bank financing, proof adequate fire insurance must be provided.
There is a significant difference between being pre-approved and pre-qualified. In order to obtain a pre-approval, the lender fully underwrites the deal, whereas with a pre-qualification only the most basic details are considered. Pre-Approval letter is more preferred than obtaining a Mortgage Pre-Qualification letter. Buyers have made offers only to find out they were not able to obtain mortgage approval, even with a Pre-Qualification letter.
Click on the link for a printable (PDF) checklist.
OIL and Propane
oil and propane is a chattel and not included in a sale unless specifically
indicated so on YOUR agreement. The previous owner can request that you pay for
the remaining oil on possession day or have it pumped out.
systems require maintenance. Because every family lives differently, it may not
perform the same. Some areas can experience difficulties during periods of heavy
rainfall or saturated grounds. The Purchaser should have a full septic
The Purchaser should have a full septic inspection.
financing is involved for real estate, they generally request the purchaser
supply a site survey as part of their financing requirements. Not all sellers
have these on their property. If it is very old, unreadable or changes/additions
have been made, it may be necessary to get a new one done.
propane tanks are leased. The new owner may be required to sign a new lease
agreement with the company that owns it. Above ground oil tanks can be easily
dealt with and removed. However, those that are buried underground will present
a problem on the purchase of a property. They represent possible contamination
sites that are expensive and complicated to remove and clean up. Environmental
reports and oil tank removals are expensive. Insurance companies are reluctant
to insure a house with a tank 15 to 20 years old.
lease is in place most tenants are on a month-to-month tenancy. A would be
landlord should be familiar with the Residential Tenancy Act of B.C. These
change from time to time as legislation changes. Proper notice and procedures
must be followed to terminate a tenancy. Because of the human element there are
water in the regional district may be metered, but in any case the property
owner pays separately for their water consumption. Inquiries should also be made
to determine if it is a private water system and the source of the water. If the
property is on well water the purchaser should make inquiries about the quantity
and install UV filtration system.
Every new owner must apply to receive service which should be in place for possession day.
An inspection is a requirement for insurance companies. Only a C.S.A. model installed properly will pass an inspection.
Coast Realty Group Ltd
17 Church St Nanaimo
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