BC Property Transfer Tax: Rates, Exemptions & Calculator
By BC Home Listings Editorial Team · Published · Last updated
British Columbia Property Transfer Tax (PTT) is a one-time provincial tax buyers pay when title transfers. Rates are 1% on the first $200,000 of fair market value, 2% on the portion from $200,001 to $2,000,000, and 3% on the portion above $2,000,000. First-time buyer and newly-built-home exemptions can reduce or eliminate this tax — see the calculator below.
How BC Property Transfer Tax works
BC's Property Transfer Tax is a one-time provincial tax paid when residential property changes title. It is charged on fair market value — generally the accepted purchase price — and is paid by the buyer at closing, collected by the conveyancing lawyer or notary and remitted to the Province of British Columbia.
Standard PTT rate tiers
| Portion of fair market value | Tax rate |
|---|---|
| First $200,000 | 1% |
| $200,001 – $2,000,000 | 2% |
| Above $2,000,000 (residential) | 3% |
| Residential portion above $3,000,000 | +2% additional |
Source: BC Ministry of Finance — Property Transfer Tax.
First-Time Home Buyer exemption
Qualifying first-time buyers in British Columbia receive a full PTT exemption on purchases up to $500,000. The exemption is capped at $8,000 from $500,000 through $835,000, then proportionally phases out above $835,000 and below $860,000. Citizenship or permanent-resident status is required. You must also either have lived in BC for at least one year immediately before registration or have filed at least two BC-resident income tax returns in the preceding six tax years. Prior ownership, property size, and occupancy rules also affect eligibility.
Newly Built Home exemption
Newly constructed homes are fully exempt from PTT when fair market value is $1,100,000 or less, with a partial exemption phasing out by $1,150,000. The buyer must be a Canadian citizen or permanent resident and occupy the home as a principal residence within 92 days of closing, for at least one continuous year.
Foreign buyer Additional Property Transfer Tax
Foreign nationals, foreign corporations, and taxable trustees pay an additional 20% on the fair market value of residential property located in the Metro Vancouver, Fraser Valley, Capital, Nanaimo, or Central Okanagan regional districts. This is on top of the standard PTT and is separate from the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Worked example: $850,000 resale home
A Canadian permanent resident buying a $850,000 resale condo in Burnaby with no first-time buyer status would owe:
- 1% × $200,000 = $2,000
- 2% × $650,000 = $13,000
- Total PTT: $15,000, paid in cash at closing
Frequently asked questions
Sources & further reading
Methodology: the calculator applies the published provincial rate tiers and exemption equations to the entered fair market value. Rules and examples were checked against the BC Ministry of Finance pages below on . It does not determine personal eligibility, taxable-region status, mixed-use value, or exemptions for property larger than 0.5 hectares.