What is Property Transfer Tax?
It is a tax register paid for changes to a certificate of title to Land Title Office in British Columbia. Simply said - if you are buying a property, you have to pay this tax.

 When do I have to pay the tax?

You are obliged to pay the tax, when you:

Some examples of taxable transactions:

How much is it?

The tax is charged at a rate of 1% on the first $200,000 of the fair market value of the property, and 2% on the rest.

For example, if the fair market value of the property is $150,000, the tax is 1% of $150,000 or $1,500.

If the property's fair market value is $500,000 the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $300,000 ($6,000) for a total tax of $8,000.

Exemption

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% of the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for homes between $475,000 and $500,000. At $500,000 and above the rebate is nil.