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BC Property Transfer Tax
Guide for Home Buyers
Property Transfer Tax (PTT) is a one-time tax payable when you buy property in British Columbia. Understanding how it works will help you budget accurately for your home purchase.
Current PTT Rates
| Property Value | Tax Rate |
|---|---|
| First $200,000 | 1% |
| $200,000 to $2,000,000 | 2% |
| $2,000,000 to $3,000,000 | 3% |
| Over $3,000,000 | 5% |
Example Calculations
Home Price: $800,000
$14,000
PTT = 1% on first $200K ($2,000) + 2% on remaining $600K ($12,000)
Home Price: $1,200,000
$22,000
PTT = 1% on first $200K ($2,000) + 2% on remaining $1M ($20,000)
First-Time Buyer Exemption
First-time buyers in BC are exempt from paying PTT on the first $500,000 of a home's value. A partial exemption applies for homes between $500,000 and $835,000. To qualify, you must be a Canadian citizen or permanent resident, have lived in BC for at least 12 months, and have never owned a home anywhere in the world.
Newly Built Home Exemption
Properties valued up to $750,000 may qualify for a PTT exemption on newly built homes. This exemption encourages the purchase of new construction and can save buyers thousands of dollars.
Want to Calculate Your Exact PTT?
Andrew and his team can help you understand all the costs involved in buying a Victoria home. Book a consultation to get a complete breakdown.
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