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.

 

 

To calculate the amount of tax payable on homes between $425,000.00 and $450,000.00, use the following formula:

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