Property Transfer Tax:
1% on the first $200,000, and
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
3% on the portion of the fair market value greater than $2,000,000.
First-time home buyers may be exempt from the PTT under the BC First Time Home Buyers’ Program if they meet specific conditions, for example, the price of the home they buy is 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.
Qualifying buyers of new homes may be exempt from paying the PTT if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate.