Apart from land and construction costs, what other costs are associated with owning a lot at Bulmers Pointe?
As with any property, owners will be responsible for all property taxes. As Bulmer’s Pointe is a bareland strata subdivision, lot owners will be responsible for their strata fees. In addition, each lot owner is a 1/33 owner in the caretaker lot and improvements, and subsequently is responsible for 1/33 of the taxes and strata fees for the caretaker residence. An estimated budget on strata fees is included in the disclosure statement. There are a few one-time expenses. At closing, British Columbia imposes a Property Purchase Tax (PPT). This tax is calculated by multiplying the first $200,000 by 1% and everything thereafter by 2%. Hence, a $500,000 lot would incur a PPT of $8,000. The sale of new property is subject to a Goods and Services Tax (GST) of 6%. Hence, a $500,000 lot is subject to a GST of $30,000. In addition, B.C. law requires each Purchaser to be represented by legal council. The sales team may provide referrals and quotes for local attorneys. At time of construction, each
