What will a SilverStar property really cost to own?

Enter a price and your own figures for strata fees, property tax and insurance (ask for the seller’s actual bills; every property is different). The mortgage, rate and amortization below are example inputs to show how the math works, not a rate quote. Results update as you change the numbers.

Where to find each number

• Property tax: ask for the seller’s latest tax notice. SilverStar is a rural area, so tax is billed by the Province’s Surveyor of Taxes and includes RDNO service charges. RDNO property tax information.
• Strata fee: on the listing and the Form B. Check what’s included; in Alpine Meadows fees cover hydro, grooming and common maintenance.
• Utilities: hydro, heating fuel, the RDNO water utility, and internet. Ask for 12 months of bills, winter included.
• Snow removal: covered by the strata in many complexes; a contract for freehold homes. Ask the seller who plows.
• Insurance: get a quote before removing subjects. Second homes and rentals may need specific coverage.
• Resort association fee: generally required if you rent. Ask the association or the seller for the current amount.
• Registry fee: $450 a year if you don’t live on the property, $100 if you do. BC registry.

How the transfer tax is worked out

The calculator uses BC’s general rates: 1% on the first $200,000, 2% up to $2,000,000, 3% above that, and an extra 2% on residential value over $3,000,000. If you tick first-time buyer, it applies the exemption on the first $500,000 for values up to $835,000, with a partial exemption up to $860,000. If you tick newly built, it applies the full exemption up to $1,100,000 and a partial one up to $1,150,000. Both exemptions require the home to be your principal residence, and both have other conditions. BC property transfer tax.

Offsetting costs with rental income

Many SilverStar owners rent when they’re not using the place. Estimate that side with the rental income estimator, using your own figures, then compare it with the total above. Remember that rental income is taxable and a suite or rental can affect your mortgage and insurance.