Buying elsewhere? Switch province in the calculator, or see the Alberta and Ontario closing cost guides.
How BC property transfer tax is calculated
| Portion of the price | Tax rate |
|---|---|
| First $200,000 | 1% |
| $200,000 to $2,000,000 | 2% |
| Above $2,000,000 | 3% |
| Residential value above $3,000,000 | A further 2% |
- First-time buyers: no tax on the first $500,000 for homes up to $835,000. The exemption phases out to zero at $860,000.
- Newly built homes: full exemption up to $1,100,000, phasing out to zero at $1,150,000.
- Foreign buyers: an additional 20% tax applies in Metro Vancouver, the Fraser Valley, the Capital Regional District, Central Okanagan and Nanaimo. BC Provincial Nominees are exempt.
The calculator applies the larger of the two exemptions when both could apply. Exemptions have conditions, such as citizenship or permanent residency, a year of living in BC and moving in within 92 days. Partial exemptions are estimated on a straight-line phase-out, so confirm the final figure with your lawyer or notary.
New homes also carry GST, and rebates may apply. That is not included here.
Planning a purchase as a resident or new physician? See how much you can afford, then get a plan from Asim.
