The property transfer tax rate is:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and
up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
If the property is residential, a further 2% on the portion of the
fair market value greater than $3,000,000 (effective February 21,
(5% on amounts over $3,000,000.00).
The transfer of title to the property is filed for registration in the Land Title Office
If you are a FIRST TIME HOME BUYER you may be exempt from paying the
Property Transfer Tax IF:
- You have never owned a principal residence anywhere in the world at anytime.
- You are a Canadian citizen or permanent resident of Canada for the past 12 months prior to your completion date
- You have resided in B.C. for at least one year immediately prior to your application to register the purchase.
- You have never received first time home buyers’ exemption or refund.
- The purchase price does not exceed a fair market value of $425,000.00. (Pro Rated from $425-$450k).
- The land is 0.5 hectares (1.24 Acres) or smaller
- The property is occupied as your principal residence at a minimum of 1 year following completion and you take occupancy within 92 days of registration of the transfer at the land title office.
- If the property does not meet all these requirements you may still qualify for partial exemption.