BC Property Transfer Tax (PTT)

Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder, up to a maximum of $475,000.

To be eligible for the exemption, you must be:

• Canadian citizen or resident
• Lived in BC for past 12 consecutive months before purchase of the property OR
• Filed 2 tax returns as a resident in the last 6 years
• Never owned interest in a property anywhere in the world at any time
• Never received this exemption

For existing homes:

• Fair market value must be less than $500,000 on or after February 22, 2017
• Fair market value must be less than $475,000 on or before February 21, 2017

For new homes:

• Unit priced up to $750,000
• Partial exemption for homes priced $750,000 to $800,000

You can save up to $13,000!!!