Why Have B.C.’s Multi-Family Rental Investors Switched to Alberta?
1) B.C.’s Property Transfer Tax: hits multi-family rental purchases on an increasing scale starting @ 0.5 % to $200,00 and increasing in 4 increments to a maximum of 5.0% on costs over $3,000,000. And we all know it doesn’t take long to exceed a $3,000,000 purchase price with apartment buildings and mobile home parks.
2) Alberta has no Provincial Sales Tax, B.C.’s is 7.00%: Although this does not apply to the actual property purchase, it does apply to most goods and services needed to operate mobile home parks.
3) Alberta has no Rent Controls, B.C. has had residential rent controls since 1974
This is why, after 13 years as a B.C. commercial realtor, I just got my Alberta commercial real estate licence as well, so I can now represent you for any real estate purchases in Alberta.