The Property Transfer Tax is calculated by the following rules:
First time home buyers do not pay Property Transfer Tax on homes with a purchase price of $500,000 or less. They will however, have to pay full PTT on homes when the property purchase price is more than $500,000.
If one or more of the purchasers don’t qualify for the exemption, then only the percentage of interest that the first time home buyer(s) have in the property is eligible for the exemption.
Purchasers claiming the First Time Home Buyers Exemption must live in the property for the first year after the purchase.
Visit the BC Province website to find out if you qualify for this exemption, and the exemption amount.
The Newly Built Home Exemption reduces or eliminates the amount of Property Transfer Tax you pay when you purchase a newly built home.
A newly built home includes:
Purchasers buying a newly built home do not pay Property Transfer Tax with a purchase price of $750,000 or less, they will need to pay full Property Transfer Tax on homes with a purchase price above $800,000.
Purchasers claiming the Newly Built Home Exemption must live in the property for the first year after the purchase.For more information regarding the exemption and Property Transfer Tax, visit the BC Provicinal website.