Property Transfer Tax:

In BC, whenever you purchase or gain an interest in property that is registered at the Land Title Office, you're responsible for paying property transfer tax. You pay this tax at the time the property is registered. The tax is calculated based on the fair market value of the property, or in other words, the price that a buyer would be willing to pay to acquire the property on the "open market". 
 

To see how much tax you would be paying on any given property go here.

 

As of February 21, 2018, the Property Transfer Tax on residential properties above $3 million was raised from 3% to 5%. It remains at 1% for the first $200,000,  2% of everything else up to the $2,000,000 mark, and 3% for the amount between $2 million and $3million.

There are several situations where you might be exempt from paying tax. See below. 
 

Exemptions:

 

It's Your First Home

If the property you are purchasing is less than $525,000 you may qualify for a full or partial exemption through the First Time Home Buyers' Program. To see if you qualify for the program and to read more about it, click below. 

It's Newly Built

The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home that is up to $800,000. Read more abut the exemption through the link below. 

Other Exemptions

Find out more information on PTT exemptions such as transferring property to and from FAMILY MEMBERS using this list on the Government of British Columbia (click below).

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Other Taxes:

The Property Transfer Tax should not be confused with GST or the Foreign Buyers Tax, which may also apply to your purchase. Nor should it be mistaken for annual property taxes. 

 

To read more about other taxes that may apply to real estate transactions, go here.