- 1 Vancouver or Toronto?
- 2 What Taxes Do You Pay When Buying A House In British Columbia?
- 3 Renting vs. Buying In Vancouver
- 4 Where is the Best Place to Live In Vancouver & the Lower Mainland?
Vancouver or Toronto?
The Best Place To Buy Property In Canada
Canada, for a variety of reasons, is privy to a booming real estate market. Vancouver and Toronto in Particular, have been ranked amongst the most wonderful places to live in the world.
So which is a better bet for you? Where should you buy property? Toronto? Or Vancouver?
It really comes down to what you want in a city. While Toronto is more expensive, business-oriented, and hectic it is ideal for many young professionals just starting out their career.
But if you’re not about that hustle lifestyle Vancouver comes with views and a prestige only the world’s best city brings tot he table (seriously, it’s been ranked as the #1 place in the world to live for the last 3 years running), VancouverHome Living makes finding the best places to live in Vancouver easy. Before we go any further, there are many parts of the real estate process you should consider before committing to the location.
We will aim answer your questions about Vancouver, BC real estate to assure you have a full understanding of what to consider and expect before purchasing a home or condo in British Columbia.
What Taxes Do You Pay When Buying A House In British Columbia?
There are about three different taxes you could be subject to when buying a Vancouver home. All of them have a variety of reasons for being charged and are mandated by the British Columbia Province.Although they can be a pain to pay, the taxes are beneficial to everyone’s health, education, and wellbeing in the province.
Annual Property Tax
You can expect to pay the annual property tax whether you own a home and live in it or rent it. The charge is unavoidable, and it is due every year and you benefit from it. The fee will help your residential area develop in the long term by funding programs such as schools, hospitals, and police and fire protection, to name a few resources.
Property Transfer Tax
The annual Property Transfer Tax applies when you buy or sell a house. It is a confirmation that the land is associated with your name and verified by the Land Title and Survey Authority of British Columbia. It is recommended that the form is completed with a lawyer, notary public or land surveyor when you purchase or gain territory, so the legality issues when it comes to the real estate transaction. The property tax expensed annually is based on the property’s market value the day you registered with the Land Title Office.
Speculation and Vacancy Tax
The Speculation and Vacancy tax supports those who want to live and work in British Columbia by finding a home that is under utilized or vacant. The purpose of this tax is to make living in the province more affordable for potential and current residents in the area.
How does this benefit you? If a resident of British Columbia has a vacant property and chooses to not rent it out, they will be charged 0.5% of the property’s assessed value. Whereas, international owners will have to pay 2% annually. This will free up more properties, offering a more affordable lifestyle for those who need.
So where should you buy property? Vancouver or Toronto? Look, your answer is going to be very specific to you and your circumstances, but we know that we prefer Vancouver quite heavily. It’s more scenic, more flexible, and we can tell you a lot about the intricacies in the housing market there. Keep reading for more tips on the Vancouver housing market 🙂
Renting vs. Buying In Vancouver
Most investors can agree that buying a home in Vancouver is the sounder decision. The equity you gain with your purchase will offer you a generous return on investment. This long-term endeavor will provide satisfaction and security for not only you, but also your family.
For instance, if you own a property that has you making a total of $976,874 in payments that is 74% of your monthly net income you are left with $976,874 in investment. However, the value of your property will increase to $1,622,064.
Now let’s compare how a similar scenario plays out if you were to rent a property. Over the course of 25 years, you will have paid $548,201 that is 35% of your monthly net income. The total invested over that same 25 years is $428,672 leaving you with a total of $976,874 spent into the property. The property’s value increases to $1,244,380, and you’ll still have to continually pay rent because there is no cut off period like a Vancouver home or condo.
Where is the Best Place to Live In Vancouver & the Lower Mainland?
Let’s discuss the best places to live in Vancouver, BC. There are so many different areas, each its own charm, and it can be overwhelming to figure out whether you’re making the right decision regarding property in the moment. So, the last resources we will share are the top three location choices in Vancouver & the Lower Mainland, where you could find your perfect home for sale in:
If you’re buying a condo in downtown Vancouver, there are a couple of things you should know about the location. Forone, we know that downtown in any situation can be a bit pricey when having limited income. The benefits outweigh the disadvantages when living downtown,and with the right realtor, you could find a place tailored for your lifestyle and within your budget.
This area is ideal for residents who like entertainment to be right at their front door and don’t mind the hustle and bustle. The vibrant neighborhood has the best sports venues, a ton of arts and is the central business district for Vancouver.
Being downtown isn’t for everyone, and we realize that. That’s why we suggest you also consider looking for homes or condos in Burnaby, BC. You can find Burnaby condos for sale for under $400K when it may be more difficult to locate when you want to live downtown. This city gives you tons of affordable options to choose from there.
If you’re really into nature, then Burnaby is the place for you. The lush greenery and vast lakes make for a beautiful scenic landscape that make anyone fall in love with the area. When you get enough of the green, you will be only 15 minutes away from downtown.
The Vancouver real estate market makes finding a home worthwhile to any potential homeowner or renter. Vancouver is indeed the best option when deciding between moving there or to Toronto because of its cost-effectiveness and enriching environment. There is an immense amount of Vancouver property for sale. If you’re looking for a Vancouver property get intouch with us here. Let us help you ease into your new life.