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% of the fair market value up to and including $200,000, 2% of the fair market value greater than $200,000 and up to and including $2,000,000 and 3% of the fair market value greater than $2,000,000.
First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $500,000. There is a proportional exemption for between $500,000 and $525,000. At $525,000 and above the rebate is nil.
PROPERTY TAX CALCULATOR
Click here to calculate PTT
GST Rebate on New Homes
New home buyers can apply for a rebate of the GST if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.