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Every home equity product converts unsecured or absent debt into debt secured against your home. A missed payment then has a path to foreclosure it did not previously have. Federal rules cap combined mortgage and home-equity borrowing at 80 percent of the home's value, and a standalone HELOC at 65 percent.
In British Columbia, charges are registered with the Land Title and Survey Authority. The property transfer tax applies on transfer but not on refinancing - borrowers frequently assume otherwise.
| Applies | Yes, called Property Transfer Tax |
|---|---|
| Structure | Tiered by property value, rising with price |
| Fthb Rebate | Full exemption below a threshold and partial relief above it; the threshold has been raised in recent years |
| Note | Confirm the current first-time buyer threshold with the province, as it has changed more often than any other province's. |
| Confidence | VERIFIED-MULTI |
Appraisal, legal, and registration costs apply on a new charge, plus BC's Property Transfer Tax if you are purchasing rather than refinancing. Because BC property values are high, the transfer tax on a purchase frequently runs to five figures, which makes refinancing existing equity the cheaper route for most homeowners.
Usually up to 80% combined loan-to-value on a primary residence. With BC's property values, 80% LTV often unlocks a large amount in absolute terms even at a modest equity percentage, which is why home equity lending is more common here than in most provinces.
