BC Property Transfer Tax 2020

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What is land transfer tax?

In BC, the land transfer tax equivalant seen in other Canadian provinces is called the property transfer tax. When buying a home, many people overlook the significant cost of the property transfer tax. When you acquire a property (and the land it rests on), you must pay a tax to the government after the transaction closes. Our calculator outlines all the details you need to know about British Columbia's property transfer tax program.

BC Property Transfer Tax Calculator

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British Columbia (PTT)
Total Tax$0.00
add_circleProvincial$0.00
add_circleSpeculation Tax$0.00
remove_circleRebate$0.00

Comparison of BC Land Transfer Taxes with Other Provinces

Land transfer tax comparison of all Canadian provinces for a $500K property in 2020

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History of the Property Transfer Tax

Originally called the Property Purchase Tax, the PPT was first introduced in 1987 as a wealth tax to discourage speculation and cost 1% of the first $200,000 and 2% of the remainder, although 95% of home purchases did not qualify for the tax at the time as they were below the $200,000 mark. In 1994, the government introduced the First-Time Home Buyers’ Program and continued to modify it throughout the years. The Newly Built Home Exemption was introduced in 2016, and applied an additional 15% PPT on foreign buyers in 2017 which increased to 20% in 2018.

BC Property Transfer Tax

Similar to Land Transfer Taxes in other provinces, BC government requires its home buyers to pay a Property Transfer Tax (PTT) when purchasing a new home. The tax is valued at:

BC Property Transfer Tax Rates

Purchase Price of Home Property Transfer Marginal Tax Fee
First $200,0001.0%
$200,000 to $2,000,0002.0%
$2,000,000 to $3,000,0003.0%
Over $3,000,0005.0%

BC Land Transfer Tax Rebates

Purchase Price of Home First-Time Buyer Rebate
Up to $499,999 Full Tax Refund
From 500,000 to 524,999 Partial Rebate, See Calculator
Over $525,000 No First Time Buyer Rebate

Foreign Buyers

If the home buyer is a foreign national, foreign corporation, or a taxable trustee, an additional 15% PPT must be paid if the property was registered prior to February 20th, 2018 and increases to 20% if registered afterwards. The areas that require the additional tax are:

  • Capital Regional District
  • Fraser Valley Regional District
  • Metro Vancouver Regional District
  • Regional District of Central Okanagan
  • Regional District of Nanaimo

However, foreign nationals who have work permits from the BC Provincial Nominee Program are exempt from this additional tax.

First Time Home Buyers’ Program

The First Time Home Buyers’ Program reduces the amount of tax paid on the first home. The qualifications for the individual at the time of registration as well as the property are as follows:

The buyer must:

  • be a Canadian citizen or permanent resident
  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a resident in the last 6 years
  • have never owned an interest in a principal residence anywhere in the world at any time
  • have never received a first time home buyers' exemption or refund

For a full exemption, the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of:
    • $475,000 or less if registered on or before February 21, 2017, or
    • $500,000 or less if registered on or after February 22, 2017
  • be 0.5 hectares (1.24 acres) or smaller

For a partial exemption, the property must have one or more of the following properties:

  • Cost less than:
    • $500,000 if registered on or before February 21, 2017, or
    • $525,000 if registered on or after February 22, 2017
  • Is larger than 0.5 hectares
  • Has another building on the property other than the principal residence

Other Exemptions

The Newly Built Homes Exemption qualifies for buyers of new homes and provides a full exemption for property priced up to $750,000 or a partial exemption if priced between $750,000 and $800,000. There are occupancy requirements for this exemption including a move-in date of within 92 days of registration and using the property as principal residence for at least the rest of the year.

The Vacant Land Exemption qualifies for registered vacant lots that are to have homes qualifying for the Newly Built Homes Exemption to be built upon it. Other PPT exemptions exist for principal residence transfers, recreational residence transfers, family farm transfers, and more.

Visit our Canada Land Transfer Tax page to find out more information about land transfer and other taxes accross Canada.

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This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.