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Buying and selling a home

Last updated on July 26, 2024

There are many different factors to consider when buying or selling a new home.

 Learn more on this page about:

Consumer protection

Regulating B.C.'s real estate sector

The B.C. government is committed to protecting citizens who are buying, selling or renting a home. Under the Real Estate Services Act and Real Estate Development Marketing Act, the real estate industry is mandated to protect the public interest and prevent harm to consumers.

The B.C. Financial Service's Authority (BCFSA) is a crown corporation which ensures that the real estate industry complies with provincial legislation by providing effective regulation and oversight. Learn more at BCFSA and public protection.

New home warranty insurance

BC Housing's Licensing & Consumer Services (formerly the BC Homeowner Protection Office) administers the 2-5-10 year home warranty insurance for registered new homes or homes still included under warranty. Learn more about the new home warranty insurance program and requirements for builder licensing at Licensing & Consumer Services.

Home inspectors

Buying a home can be one of life's biggest investments and for many purchasers getting a home inspection is an important step in the decision-making process. In B.C., home inspectors must be licensed by Consumer Protection BC and are required to follow certain laws. Learn more at Consumer Protection BC's web page on home inspection.

Buying a home

For many people, purchasing a home is the biggest financial investment they will make. A number of organizations provide information for prospective purchasers to consider:

The federal government provides some financial assistance to buyers through tax credits and exemptions including:

  • The First Time Home Buyer’s Tax Credit, and
  • The Home Buyers Plan
  • The First Home Savings Account

More information is available at the Government of Canada homebuyer incentives and rebates.

The federal government also offers mortgage loan insurance through CMHC. 

B.C. first time home buyers' program

British Columbians purchasing their first home may be able to reduce or eliminate the amount of property transfer tax they pay. Learn more about the first time home buyers' program.

Property transfer tax and exemptions

When someone purchases or gains an interest in property that is registered at the Land Title Office, that person is responsible for paying the property transfer tax. The tax is paid based on the fair market value of the property at the date of registration unless the purchaser qualifies for an exemption. Exemptions include first time home buyers and some new home buyers. Learn more about the property transfer tax and exemptions.

The property transfer tax is different from annual property taxes. Annual property taxes are paid yearly for each property a person owns or has a registered interest in to fund services in the home's geographic area.

Speculation and vacancy tax

The speculation and vacancy tax is an annual tax based on how owners use their residential properties and is designed to turn vacant homes into housing for people in British Columbia. 

Property owners located in designated taxable areas in B.C. must complete a declaration for the speculation and vacancy tax every year. This tax is different from Vancouver's empty homes tax and the Government of Canada's Underused Housing Tax.

Learn more about the speculation and vacancy tax and use the interactive map to see if a property is in a taxable area.

Selling a home

There are many factors to consider when selling a home.

The BC Financial Services Agency (BCFSA) offers information on Selling a Home in British Columbia.

The People’s Law school also offers information on Selling Your Home.

The federal government provides a capital gains tax exemption for many owners selling their primary home (principal residence).

BC home flipping tax

If a homeowner sells their residential property on or after January 1, 2025, and the property was purchased less than 730 days before the sale, income earned from the sale of the property may be subject to the BC home flipping tax, unless an exemption applies.

The BC home flipping tax applies to income from the sale of a property, including presale contracts and bare land zoned for residential use in British Columbia. Learn more about the BC home flipping tax.

Strata housing

Strata housing is a popular choice in B.C. for the convenience, security, added amenities and good value. Many B.C. residents live in strata housing as owners or renters.

Almost any home can be strata-titled. Strata housing can include strata-titled duplexes, apartment-style condos, even single-family homes in "strata subdivisions" (bare land strata properties). Strata legislation applies to all strata-titled properties.

It is important for purchasers to consider the lifestyle and financial responsibilities when deciding if strata living is the right choice.

Strata developments require working with other owners to manage the strata corporation and common property under the democratic framework of strata legislation.

The financial responsibilities for owning a strata property are similar to owning a house, but strata owners also share common expenses for property and assets they own with other strata lot owners, including repair and maintenance and strata corporation insurance. Strata owners must pay strata fees and special levies.

The strata corporation will have bylaws and rules, which affect the strata lot owners’ rights and responsibilities and set out what the strata corporation will be like to live in. Different strata have different bylaws and rules. Strata bylaws can restrict things like smoking and pet ownership

Disclaimer: The information on this web page is provided for the user's convenience as a basic starting point. It is not a substitute for getting legal advice or other professional advice.