Property Transfer Tax

Tax Calculation:

1% of first $200,000 of purchase price or "fair market value"  PLUS 2% of the balance

 

First Time Home Buyers may qualify for exemption if:

• Purchase price (inc GST) is less than $425,000 (full exemption) $425,000 to $450,000 partial rebate - see below.
• 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 BC 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 ever.
• You have never received a first time home buyers' exemption or refund.
• The land is 0.5 hectares (1.24 acres) or smaller.
• The property will be used as principal residence.

 

Partial exemption example with Price of $440,000:

 

PTT Exemption =($450,000 - 440,000) / $25,000 = 40%

Purchaser pays full tax less 40% or $4,080.00