Calculate the property transfer tax (PTT) on your home purchase in British Columbia. This calculator includes the general PTT rates, the additional 2% tax on residential properties over $3,000,000, and the first-time homebuyer exemption. Property transfer tax is a significant closing cost when buying a home in BC.
BC Property Transfer Tax Rates
The BC property transfer tax is calculated on a tiered system based on the fair market value of the property at the time of registration.
| Fair Market Value | Tax Rate |
|---|---|
| First $200,000 | 1.0% |
| $200,001 to $2,000,000 | 2.0% |
| $2,000,001 to $3,000,000 | 3.0% |
| Over $3,000,000 (residential) | 5.0% |
The 5% rate on amounts over $3,000,000 applies only to the residential portion of the property. This is a combination of the base 3% rate plus a further 2% on residential property.
How to Calculate BC Property Transfer Tax
Let’s calculate the PTT on an $800,000 home in British Columbia.
The first $200,000 is taxed at 1%:
- $200,000 x 1% = $2,000
$200,001 to $800,000 is taxed at 2%:
- $600,000 x 2% = $12,000
Total BC PTT: $2,000 + $12,000 = $14,000
BC First-Time Homebuyer Exemption
First-time homebuyers in BC can qualify for a full or partial exemption from the property transfer tax.
- Full exemption: Properties with a fair market value of $835,000 or less
- Partial exemption: Properties valued between $835,000 and $860,000
Eligibility Requirements
- You must be a Canadian citizen or permanent resident
- You must have lived in BC for 12 consecutive months before the registration date, or have filed 2 income tax returns in BC in the 6 years before registration
- You have never owned an interest in a principal residence anywhere in the world
- You have never received a first-time homebuyer exemption or refund
- The property must be 0.5 hectares or smaller
- The property will be used as your primary residence
Additional Property Transfer Tax (Foreign Buyers)
Foreign nationals, foreign corporations, and taxable trustees must pay an additional 20% property transfer tax on the residential portion of the property in specified areas of BC. This is in addition to the general property transfer tax.
Specified areas include the Metro Vancouver Regional District, Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, and Regional District of Nanaimo.
Land Transfer Tax in Other Provinces
Land transfer tax rates and rules vary across Canada. See our Land Transfer Tax Calculator for rates in all provinces and territories.