New Construction: Ticket to Saving You Thousands?

To all of the homebuyers out there in the Greater Victoria area, how are you doing? Are you feeling overwhelmed or anxious about hopping into the Victoria real estate market? If you are, I wouldn’t blame you. Not only are prices continuing to rise but there are also the back-end fees to consider. You will have your mortgage closing costs, lawyer or notary costs, plus your property transfer taxes, not to mention any moving or cleaning costs. Leave your purchase price out of it, and you still have an expensive price tag on your next purchase.

With new construction, you could be eligible for a reduction or even exemption from your property transfer taxes on your purchase.

But there is an option out there to consider: new construction. By buying new construction as an individual Canadian citizen or permanent resident, you could be eligible for a reduction or elimination of your property transfer taxes. You can buy new construction in BC for up to $750,000, opening up some financially-saavy options to you as a buyer.

With projects like Escher on Broughton with slated possession in early 2017, Horizons at the RailYards slated to launch in late July, and 989 Victoria slated to launch in September, the options available to you are worth spending time exploring. You may have to wait some time for your new home to be built (there’re some nice holes in Greater Victoria right now filled with construction equipment), but you might snag a great deal on pre-construction pricing, too.

Are you interested in learning more about the new-construction exemptions for new builds in Victoria? Check it out here.

Come meet your Condo Experts, and visit our modern new office, designed to enrich your buying and selling experience, located at 102-3645 Tillicum Road, Victoria, BC.

If you are going to be buying or selling a condo, now or in the future, get in touch with The Condo Group Real Estate Real Estate at 250-382-6636. In the meantime, search through thousands of listings in the Greater Victoria Area here.