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Albertans need to know...

What Albertans buying in B.C. need to know

Albertans wishing to purchase Vernon real estate must be aware of some distinct and important differences between the two provinces. 

There are four major differences that are noteworthy:

Property Transfer Tax

This is the big one to beware of. Anyone who purchases property in B.C., unless you qualify as an exempt first time buyer (in which case you need to live in B.C. for 12 consecutive months among other qualifications), is subject to a transfer tax of one per cent on the first $200,000, two per cent between $200,000 and $2,000,000 and then three per cent  over $2,000,000.   

For Albertans paying zero per cent in their home province, this can be quite a shock.

RPRs do not exist: 

Residential property reports with city compliance are mandatory in Alberta, but do not exist in B.C.  

If you wish to know exactly where your property line is, you must receive an up-to-date survey from the seller, or hire a surveyor. Is this fence on our property? Best answer in B.C. is: Maybe. 

This is a province-wide reality and sadly it doesn’t look like it will change any time soon.

Quick call backs are not commonplace:

In the major cities in Alberta, there is a hustle and a bustle and a general get-it-done attitude.

In the Okanagan, people have a tendency to be a little more laid back. Weekends are often precious, which is one of the area’s greatest charms, however often difficult to get used to.

Inversion:

Winters are foggy, cloudy and generally dismal. We don’t say things like: “At least it’s sunny!” Because it isn’t.

If you want sun, you will need to take a drive to Silver Star Mountain. Then, it feels more like you are in your Alberta home – sunny and really cold.

These are some of the main things that can be shocking to many Albertans who make the Okanagan their home. 

However, Vernon’s four-seasons beauty, lack of gridlock, extended golf season, world-class ski resort so close by, and friendly atmosphere, make it all worthwhile. 

Welcome to Vernon!

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About the Author

Lisa Salt is a Vernon born Realtor® who, along with her husband Gord Fowler from Calgary, lead one of the most successful and dynamic real estate teams in the North Okanagan. 

An international clay target shooting champion, Lisa brought the attributes of hard work and diligent focus to the real estate industry to create the success she and her team have today. 

To experience the local knowledge and expertise that only someone born and raised in the Okanagan can offer, call Lisa today and 'Just Add Salt'.

Website link:   http://www.saltfowler.com

Contact e-mail address:  [email protected]

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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