Property Transfer Tax in BC

What is Property Transfer Tax? 
- Property Transfer Tax (PTT) is a tax collected by the BC provincial government when real estate is purchased or transferred.
- It applies to all types of property, including residential, commercial, and industrial. It's typically paid by the buyer at the time of registration.

    Property Transfer Tax is Calculated as follows
    - 1% on the first $200,000 of the property's fair market value 
    - 2% on the portion between $200,000 and $2,000,000
    - 3% on the portion between $2,000,000 and $3,000,000
    - 5% on any amount over $3,000,000 

    - This calculator applies if the buyer qualifies as a first time home buyer. To be eligible, the buyer must:
    - Never have owned a principal residence anywhere in the world at any time

•     - Be a Canadian citizen or permanent resident
  •     - Have lived in BC for at least 12 consecutive months immediately before becoming the registered.                                                                                                                            
    •     owner or filed at least two income tax returns as a BC resident in the past six years
      •     - Move into the property within 92 days of registering the purchase and live there for at least one year.
      •    
      •     First Time Buyers Exemption amounts based on Fair Market Value
      •     - $500,000 or less: Full exemption from property transfer tax
      •     - Over $500,000 and under $835,000: Partial exemption of up to $8,000
      •     - Between $835,000 and $860,000: Graduated/sliding scale exemption
  •     - Over $860,000: No exemption available
    
  •     Newly Built Home Exemption Calculations 
  •     - This calculator applies when the buyer is purchasing a newly built home. To qualify for the exemption, these conditions must be met:
  •     - The property must meet the definition of a newly built home under the legislation 
  •     - The buyer must be an individual who is a Canadian citizen or permanent resident 
  •     - The home must be used as the buyers principal residence. The buyer must move in within 92 days of
  •     registration and live there for at least one year
  •     - The property size must be 1.24 acres or less
  •     - To receive the full exemption, the fair market value of the home must be less than $1,100,000