Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Property Transfer Tax

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People have to pay property transfer tax when they buy a property. This would be added to the purchase price. The property transfer tax is based on the fair market value of the property. The rate is :

  • 1% of the fair market value on the first $200,000
  • 2% of the fair market value between $200,000 and $2,000,000
  • 3% of the fair market value between $2,000,000 and $3,000,000
  • 5% of the fair market value greater than $3,000,000

For example: fair market value is $3,500,000, tax payable would be:

  • 1% on the first $200,000 = $2,000
  • 2% between $200,000 and $2,000,000 = $36,000
  • 3% between $2,000,000 and $3,000,000 = $30,000
  • 5% over $3,000,000 = $25,000 

Total property transfer tax: $2,000 + $36,000 + $30,000 + $25,000 = $93,000. More detail, please visit https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/calculation-examples    

There is an additional tax applied for foreign nationals, foreign corporations, and taxable trustees in the Capital Regional District, Fraser Valley Regional District, Metro Vancouver Regional District, Regional District of Central Okanagan and Regional District of Nanaimo. The additional tax does not apply to Tsawwassen First Nation treaty lands. The tax rate is 20% of the fair market value.

Also, there are many ways you may qualify to reduce the amount of tax you need to pay, such as a first time home buyers’ exception, newly built home exception, family exception, etc. The information is available at https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions

More information regarding property taxes, please click here or contact me at awang@macrealty.com 



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