In British Columbia, property transfer tax (PTT) is paid when you purchase or acquire an interest in a property. PTT is paid when changes, such as adding or deleting a name from title, are registered to a title certificate at the Land Title Office. Note this differs from property tax, which is an annual charge levied by your municipality for services such as fire fighting, roadwork and parks and recreation.
PTT is calculated at 1% of the first $200,000 of the purchase price or fair market value of the property, and 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000 and up to and including $3,000,000, and 5% on the portion of the fair market value greater than $3,000,000. The purchase price or fair market value used is exclusive of any GST or BC transitional tax, ie before any of those taxes are added. If the value of the property is $500,000 or less, AND you are a first time home buyer, then you do not have to pay any property transfer tax. If the purchase price is between $500,000 and $525,000 AND you are a first time home buyer, you will qualify for a partial exemption. There is no exemption from PTT for purchase prices over $525,000.
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