Kelly Regen is the experienced REALTOR® you need to guide you through the complexities of buying or selling a property in a rural area like Salt Spring Island. Just some of the issues are: permits; zoning; water; sewage; title; HST; insurance; strata; financing; non-residency; tenancies, etc.
It is in your best interest to choose a REALTOR® with a proven track record of excellence; one who knows the local market and writes strong contracts. Kelly is a multiple award winning REALTOR®. It is her legal responsibility to introduce you to every suitable property available and to ensure that you do not, unknowingly, overpay. Ask to be added to the "Property Match" system of notifying prospective Buyers immediately of new listings. If you are a non-resident in Canada and wish to buy property, please read information for non-residents.
Salt Spring Island Properties
Offered for sale are building lots and acreages, cottages, homes and farms with lake or ocean views, lakefront and oceanfront, plus businesses and commercial properties. Most Island properties are serviced with paved roads, electricity, cablevision, telephone, internet, piped water or well, septic or sewer. Kelly will counsel you on the costs of developing rural properties including hydro, septic, road building and construction. There are excellent local trades people for every phase of the building or reno process.
The following costs apply to Buyers when buying in British Columbia:
B.C. Property Purchase Tax
This tax applies to every property purchase except for certain 1st time Buyers. This tax will be collected and remitted to the B.C. government by the conveyancing (escrow) lawyer at the rate of 1% to $200,000 and 2% on the balance of the purchase price.
Goods and Services Tax
This federal tax, payable on all newly created building parcels, new homes, and certain properties held for resale, is calculated at the rate of 5% on the purchase price and is collected and remitted to Revenue Canada by the conveyancing (escrow) lawyer. Most properties, particularly homes, on Salt Spring, will not be subject to GST.
The Buyer is responsible for paying all legal costs except for any legal costs incurred to pay out an existing mortgage (Seller pays); for legal advice given to the Seller and witnessing the Seller's signature. Buyers and Sellers generally retain different lawyers.
Foreign Buyers Tax
If a Buyer is a foreign national or purchasing a new property with a foreign corporation or within foreign trust, they should expect an additional 20% Foreign Buyer Tax on top of the property transfer tax and any applicable GST.
Who is working for whom and who pays the commission?
Almost all property listings are offered on the MLS system. That allows all REALTOR®s to show the property to a prospective Buyer. Usually, Sellers pay the listing and selling commissions out of the proceeds of the sale. REALTOR®s can, alternatively, act as a Buyer's Agent (for a fee) or Seller's Agent (for a fee), under the terms set out in the British Columbia Real Estate Act.