Real Estate

Buying and selling property can be challenging and emotional. We can help.

We understand that buying or selling a house can be a challenging and emotional process. Whether buying or selling, you need to be prepared and make sure all the legal aspects are handled properly. RDM’s real estate team will guide you through the process and help you make sense of the legal requirements. What that means is once you’ve found the home of your dreams, it’s up to us to take care of the details on your behalf.

Our lawyers have extensive knowledge of real estate law, including:

• Buying and selling property
• Financings and refinances
• Institutional mortgages
• Second mortgages
• Drafting and review of purchase and sale contracts
• Real estate development
• Strata properties
• Recreational properties
• Construction agreements
• Real estate litigation including real estate, tenancy, construction and contract disputes

RDM’s real estate team can also assist with matters related to land development, subdivisions, land assembly, rezoning, expropriations and the preparation of easements, restrictive covenants, rights of way and building schemes.

Our lawyers work with accountants and other professionals to help determine if our clients would benefit from setting up corporate structures such as joint ventures, partnerships, bare trusts agreements or cost-sharing agreements. They also have extensive experience negotiating and preparing commercial leases for. Our lawyers advise clients on all related leasing issues, including renewal provisions, termination provisions, insurance requirements, leasehold financing, licensing, and environmental issues, as well as in disputes that arise between landlords and tenants.

We adhere to our core values of integrity, professionalism and confidential client service to ensure that you have the best experience possible.

MORTGAGE CALCULATORS

Purchasing a home can be daunting, which is why we want to provide you with the tools and information you need to get started. In addition to mortgage payments and legal fees, there are purchase taxes (PTT and GST) which may be applicable to you, so keep reading to learn more!

Use the Government of Canada’s calculator to determine your estimated mortgage payments and payment schedule here: Mortgage Calculator – Canada.ca

PTT CALCULATOR

What Is PTT?

The BC Property Transfer Tax Act requires a tax to be paid to the Provincial Government for most transfers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

How Is It Calculated?

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.

Exemptions

There are several exemptions from PTT, the most notable being the First Time Home Buyer exemption and the Newly Built Home exemption. See a full list of exemptions here: Property transfer tax exemption codes – Province of British Columbia

Disclaimer

The following calculator shouldn’t be relied on for legal purposes. Consult with a legal professional when you file a property transfer tax return to ensure you pay the correct tax amount.

Use the BC Government calculator to determine your property transfer tax or view BC’s current rates here: BC Government Property Transfer Tax Calculator.

GST CALCULATOR

When is GST Payable?

Goods and Services Tax (GST) is a federal tax that is payable on newly built or substantially renovated homes.

How Is It Calculated?

The amount of GST payable is 5% of the purchase price of a new or substantially renovated home.

Rebates

New home buyers can apply for a rebate of up to a maximum of 36% of the tax if the purchase price is $350,000 or less. A partial GST rebate is available for new homes costing between $350,000 and $450,000.

Two types of rebates are available:

1. If you are the purchaser and plan to use the property as your primary residency, the GST New Housing Rebate may apply to you.
2. If you plan to rent out the property, the GST New Residential Rental Property Rebate may apply to you.

Please see the Government of Canada’s guide for more information about the GST New Housing Rebate here: Government of Canada Guide to GST New Housing Rebate