Understanding BC's Property Transfer Tax
General Property Transfer Tax
The general property transfer tax applies to all taxable transactions in British Columbia. It's calculated on the property's fair market value at a tiered rate:
- 1% of the fair market value up to and including $200,000
- 2% of the fair market value greater than $200,000 and up to and including $2,000,000
- 3% of the fair market value greater than $2,000,000
Further 2% Tax on Residential Property Over $3,000,000
If the property includes residential property worth over $3,000,000, a further 2% tax applies to the residential value greater than $3,000,000 — on top of the general rate above, bringing the effective marginal rate on that portion to 5%.
First-Time Home Buyers’ Program
If you have never owned a principal residence anywhere in the world, you may qualify for this exemption. For registrations on or after April 1, 2024:
- A fair market value of $500,000 or less is fully exempt from the general tax
- Between $500,000 and $835,000, the exemption is worth $8,000 — the tax on the first $500,000 of value
- Between $835,000 and $860,000, the exemption is reduced on a straight line
- At $860,000 and above, no exemption is available
You must also be a Canadian citizen or permanent resident, have lived in B.C. for at least a year before registration (or filed two of the last six income tax returns as a B.C. resident), and move in within 92 days and live there for at least a year.
Newly Built Home Exemption
This applies to newly built homes — a house on subdivided land, a new apartment in a newly built building, a manufactured home on vacant land, and similar. For registrations on or after April 1, 2024:
- A fair market value of $1,100,000 or less is fully exempt from the general tax
- Between $1,100,000 and $1,150,000, the exemption is reduced on a straight line
- At $1,150,000 and above, no exemption is available
The land must be 0.5 hectares or smaller and the property must be used as your principal residence, with the same citizenship, move-in and occupancy conditions as above.
This calculator provides a general-transaction estimate for information purposes only, and applies the property-value test for exemptions rather than the full eligibility rules. It does not account for the Additional Property Transfer Tax on residential property purchased by foreign entities. For complete, current details, visit the Government of British Columbia's Property Transfer Tax page, or talk to us — we calculate and remit PTT as part of every conveyance we handle.