Estimate your Property Transfer Tax (PTT) including first-time buyer and newly built home exemptions.
Total Property Transfer Tax
$12,000
Additional Buyer Taxes
Foreign buyers and satellite families may be subject to the 20% Additional Property Transfer Tax (formerly NRST) in designated areas of BC, including Metro Vancouver, the Fraser Valley, Capital Regional District, and more. Canadian citizens, permanent residents, and provincial nominees are exempt.
The BC Property Transfer Tax (PTT) is a provincial tax payable on all property transactions in British Columbia. Unlike a recurring property tax, PTT is a one-time cost paid at closing. The tiered rate structure means the effective tax rate increases with the purchase price.
For a $700,000 home with no exemptions, the PTT would be $12,000: $2,000 (1% on the first $200K) plus $10,000 (2% on the remaining $500K). This is a significant closing cost that buyers should factor into their budget.
First-time buyers purchasing homes at or below $500,000 can be fully exempt from PTT, while homes between $500,000 and $525,000 receive a proportional partial exemption. Similarly, newly built homes up to $1,100,000 can qualify for an additional exemption on the first $525,000 of the purchase price.
Foreign buyers and satellite families face an additional 20% property transfer tax in taxable regions, which include Metro Vancouver, the Fraser Valley, Greater Victoria, Nanaimo, and Kelowna. Speak with Ajay if you have questions about how these taxes apply to your situation.
BC Property Transfer Tax (PTT) is a tax paid to the provincial government when you purchase or gain an interest in property in British Columbia. It is calculated on a tiered basis: 1% on the first $200,000, 2% on the portion from $200,000 to $2,000,000, 3% on $2M to $3M, and 5% on amounts over $3,000,000.
To qualify, you must be a Canadian citizen or permanent resident, have lived in BC for at least one year, never have owned a principal residence anywhere in the world, and the property must be your primary residence with a fair market value of $500,000 or less for a full exemption (partial exemption up to $525,000).
If you are purchasing a newly built home as your principal residence, you may be exempt from PTT on the first $525,000 of the purchase price if the total price is $1,100,000 or less. A partial exemption applies for homes priced between $1,100,000 and $1,150,000. This exemption can be combined with the first-time buyer exemption.
The Property Transfer Tax is due at the time of property registration, which is typically on your closing/completion date. Your notary or lawyer will collect the tax as part of the closing process and remit it to the province on your behalf.
Ajay can help you budget for all closing costs including PTT, legal fees, and more.