BC Property Transfer Tax is a land transfer tax. Property Transfer Tax is typically applicable when you purchase a home or acquire an interest in a property but there are some exemptions. If the tax is applicable, it's payable when you register the property at the Land Title Office.

Property Transfer Tax Rate

Property Transfer Tax rate is charged at a rate of:

  • 1% on the first $200,000, plus
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, plus
  • 3% on the portion of the fair market value greater than $2,000,000, plus
  • 5% on the portion of the fair market value greater than $3,000,000

View our Tax Calculator.

For example, if the fair market value of the property is $150,000 the tax is 1% of $150,000 or $1,500. 

If the property's fair market value is $250,000 the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $50,000 ($1,000) for a total tax of $3,000.

Foreign Home Buyer Tax

Review whether the Foreign Home Buyer Tax applies to you.

Property Transfer Tax Exemptions

Multiple exemptions exist for the Property Transfer Tax (PTT) but the most common are 1) First Time Home Buyer's Program and 2) Newly Built Home Exemption.

First Time Home Buyer's Program Exemption

You may qualify for an exemption from property transfer tax if the requirements are met:

If you purchase before April 1, 2024, and pay under $525,000 (at or under $500,000 for full exemption).

If you purchase on or after April 1, 2024, the following rules apply.

The property will only be used as your principal residence

You are a Canadian citizen, or a permanent resident as determined by Immigration Canada

You have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property

You have never owned an interest in a principal residence anywhere in the world at anytime, and

You have never received a first time home buyers’ exemption or refund.

Above are the typical qualifications for the First Time Home Buyer's Program, but we recommend checking the BC Government's website as policies change over time.

Newly Built Housing Exemption (Introduced in 2016)

You may qualify for an exemption from property transfer tax if the requirements are met.

Some of the main qualifiers of the Newly Built Housing Exemption:

  • Fair market value of home must be $750,000 or less. A partial exemption may apply for homes between $750,001 and $800,000.
  • Purchaser must be an individual
  • Purchaser must be a Canadian or Permanent Resident
  • The home will be used as their primary residence

View the government website to view ALL requirements.

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