Property Transfer Tax

1% of the 1st $200,000 plus 2% of the remaining amount.

This Provincial Tax is due every time a property in B.C. changes hands. Your Conveyancing Lawyer will collect the tax on closing and pay it to the Government.

As a first time buyer, you will be eligible for exemption from the Property Purchase Tax under the following conditions:

• Purchase price is less than $425,000 (full exemption)
• A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000). See the BC Gov't Website on this issue
• You have never owned a primary residence anywhere in the world.
• Must be a Canadian Citizen or permanent resident for the past 12 (twelve) months prior to your completion date.
• You must reside in the home for a minimum of 1 (one) year following completion.

this information is deemed to be correct but should not be relied upon. check with your financial instituation for further details.