Calculation

The Property Transfer Tax is calculated by the following rules:

  • 1% on the property price under and including $200,000
  • 2% on the property price between $200,000 and $2,000,000
  • 3% on the property price over $2,000,000

Exemptions

First Time Home Buyers

First time home buyers do not pay Property Transfer Tax on homes with a purchase price of $500,000 or less. They will however, have to pay full PTT on homes when the property purchase price is more than $500,000.

If one or more of the purchasers don’t qualify for the exemption, then only the percentage of interest that the first time home buyer(s) have in the property is eligible for the exemption.

Purchasers claiming the First Time Home Buyers Exemption must live in the property for the first year after the purchase.

Visit the BC Province website to find out if you qualify for this exemption, and the exemption amount.

Newly Built Home

The Newly Built Home Exemption reduces or eliminates the amount of Property Transfer Tax you pay when you purchase a newly built home.

A newly built home includes:

  • a house constructed and affixed on a parcel of vacant land
  • a new apartment in a newly built condominium building
  • a manufactured home that is placed and affixed on a parcel of vacant land
  • an already constructed house that is removed from one parcel of land and affixed to another parcel of vacant land, as long as the house hasn’t been occupied since it was placed on the new parcel of vacant land
  • a house resulting from the division of an existing improvement affixed to a parcel of land that was also subdivided, as long as this house hasn’t been occupied since the subdivision of the parcel
  • a house converted from an existing improvement on the land. The previous improvement couldn’t have been used as residential (e.g. a warehouse converted into apartments)

Purchasers buying a newly built home do not pay Property Transfer Tax with a purchase price of $750,000 or less, they will need to pay full Property Transfer Tax on homes with a purchase price above $800,000.

Purchasers claiming the Newly Built Home Exemption must live in the property for the first year after the purchase.For more information regarding the exemption and Property Transfer Tax, visit the BC Provicinal website.