Property Transfer Tax in Brief

Tax Calculation:

1% of the first $200,000 of purchase price; 2% of the balance

First Time Home Buyers may qualify for exemption if:

• The maximum purchase price to qualify for the exemption through out the province is $425,000 (A partial exemption is available for homes between $425,000.00 and $450,000.00 - see formula below).

• Mortgage amount is 70% or greater

• move in within 92 days of registration and reside in property for a minimum of 1 year.

• Canadian Citizen or permanent residing in Canada for 12 months prior to completion date.

• Resident of BC

• Never owned a principal residence anywhere.

• TWO BUYERS- partial rebate depending on percentage of ownership registered.

Amount of PTT X ($450,000.00 - Purchase Price)
$25,000.00