BC Real Estate FAQ — 2026 Edition

In BC, the seller pays the listing brokerage from the sale proceeds, and the listing brokerage shares a commission with the cooperating (buyer's) brokerage. So the seller "pays" the buyer's agent indirectly through the listing agreement. After 2024 NAR/CREA changes, this is increasingly negotiable — some buyers now sign a buyer's agency agreement specifying a commission expectation, and any shortfall between what the seller offers and what the buyer agreed to is paid by the buyer. Always read your buyer's agency agreement carefully.

A "subject" (also called a condition) is a contingency on a real-estate offer — financing, inspection, title review, strata document review, etc. "Subject removal" is the formal acceptance, in writing, that all subjects are satisfied or waived. Subject removal usually happens 5–14 days after offer acceptance and turns a conditional contract into an unconditional binding contract. The deposit must be paid within 24–48 hours of subject removal. After subject removal you cannot back out without serious consequences (forfeit of deposit + damages).

Deposit is typically 5% of purchase price in Greater Vancouver, payable within 24 hours of subject removal. On a $1.0M home, that's $50,000 in certified funds (bank draft or wire) to the listing brokerage's trust account. The deposit becomes part of your down payment at closing. Lower deposits (1–2%) are sometimes accepted in slower markets; in hot multi-offer markets, 5–10% is standard.

FINTRAC is Canada's anti-money-laundering regulator. Every BC real-estate brokerage is required to verify the identity of every buyer and seller — typically with a passport or driver's license + a secondary ID. Your real-estate professional must complete a FINTRAC Individual Identification Form (or non-individual equivalent for corporations) before submitting an offer. This is mandatory; refusal to provide ID means the brokerage cannot represent you. Source-of-funds verification kicks in for purchases over $10,000, which is essentially every BC purchase.

BC sellers complete a Property Disclosure Statement (PDS) — a 5–7-page form covering known issues with the property (water damage, leaks, roof issues, mould, illegal additions, marijuana grow operations, asbestos, oil tanks, prior insurance claims, etc.). Sellers must disclose what they actually know — the PDS is "to the best of seller's knowledge." Latent defects (hidden, known, dangerous) must always be disclosed. BCFSA also requires the listing realtor to disclose multiple-offer situations, dual agency conflicts, and material facts they become aware of.

The "minimum" package: (1) Form B (current strata fees, fines, parking, special levies), (2) the strata bylaws and rules, (3) two years of strata council meeting minutes, (4) the most recent depreciation report, (5) any engineering reports if previously commissioned, (6) financial statements + budget. I always pull all six before subject removal and read them. Red flags: pending special levies, building envelope failures, leaky-condo history, contingency fund <$50K per unit, owner-occupancy <50%, ongoing litigation.

BC strata corporations are required to commission a depreciation report every 5 years, prepared by a qualified third party. The report outlines major upcoming maintenance and capital expenditures over a 30-year horizon, with cost estimates and recommended funding levels. It's the single best tool for spotting future special levies. A "fully funded" depreciation report means the contingency reserve fund is being topped up to handle the next 30 years of work. A poorly funded one almost guarantees future special levies.

Sometimes — depends on the contract. Most BC presale contracts either prohibit assignment outright, allow it only with developer consent (often with a fee of 1–2% of purchase price), or restrict it to immediate family. Assignment income is also fully taxable under federal anti-flipping rules; BC Home Flipping Tax (Bill 15) may also apply. Read the assignment clause before signing the original contract — never assume it's allowed.

BC PTT is paid on every BC real-estate purchase by the buyer, on completion. Rates: 1% on the first $200,000, 2% from $200K–$2M, 3% above $2M, and an additional 2% on residential value above $3M. On a $1.0M home, regular PTT is $18,000. Foreign nationals pay an Additional 20% PTT in designated regions. First-time buyers (full exemption up to $500K, partial up to $835K), Newly Built Home (up to $1.1M), and Family Transfer exemptions can all apply.

GST is 5% federal tax. It applies to: (1) new residential construction (presales, new builds, substantially renovated homes), (2) some commercial-zoned residential conversions. GST does NOT apply to: ordinary used residential resale homes (the majority of MLS listings). Federal New Housing Rebate gives partial GST refund on new principal residences; the 2025 First-Time Home Buyer GST Rebate eliminates GST entirely on builds up to $1.0M (phased to zero by $1.5M).

From accepted offer to keys in hand: typically 30–60 days. Common breakdown: offer accepted day 0, subjects removed day 7–14, deposit delivered day 8–15, mortgage finalized day 21–35, lawyer prepares conveyance day 25–55, completion day 30–60, possession 1–3 days after completion. Presales and probate sales take longer (6 weeks to 6 months or more). Assignment sales can be faster (15–30 days).

Completion is the legal transfer of title — your lawyer registers the title in your name and funds change hands. Possession is when you actually get the keys and move in. They are usually 1 business day apart, but can be the same day or several days apart. Most BC contracts have completion on Day X, possession on Day X+1. The delay protects against same-day chaos at the Land Title Office.

Dual agency was largely banned in BC in 2018. Today, a single REALTOR® cannot represent both buyer and seller in the same transaction without a "Limited Dual Agency" agreement signed by both parties acknowledging the conflict — and even this is rare and discouraged. Most BC transactions now use designated agency: the listing agent represents the seller; the buyer's agent (often from a different brokerage) represents the buyer.

Yes — for any house, townhome, or older condo, almost always. A typical BC home inspection is $500–$900 and covers structure, roof, plumbing, electrical, HVAC, attic, exterior. For a presale or new build, inspection focus shifts to PDI walkthrough and warranty deficiencies. Skipping inspection in a hot multi-offer market is a documented risk; some buyers do pre-listing inspections (paid by buyer, before offer) to get the inspection done while still subject-free.

Form B (Information Certificate) is a one-page strata-corporation snapshot: monthly strata fees, parking and storage, fines outstanding, current special levies, contingency reserve fund balance, pending lawsuits. Updated by the strata manager on request, valid for 60 days. A clean Form B is required as part of every BC condo conveyance and is requested in subject removal due diligence.

A provincial tax on properties held by foreign owners, satellite families, and Canadians who don't use the property as a principal residence or rent it out for at least 6 months/year. Rates: 0.5% of assessed value for Canadians/PRs, 2% for foreign nationals and satellite families. Applies in Metro Vancouver, Capital RD, Fraser Valley, Central Okanagan, Nanaimo, Lions Bay, plus most of southern Vancouver Island and select Kootenay communities as of 2026. Annual declaration required from every owner regardless of status — even if you live there full-time, you must declare to confirm exemption.

A City of Vancouver municipal tax (separate from the provincial Speculation Tax) of 3% of assessed value, on properties unoccupied or under-occupied for more than 6 months/year. Annual declaration required from every City of Vancouver property owner. Common exemptions: principal residence, tenanted (with 6+ months of tenancy), under renovation, recently sold, court orders. Vancouver imposes both EHT and the BC SVT — many out-of-town owners owe both.