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 $385,000 (full exemption)
- Mortage amount is 70% or greater.
- You have never owned a primary residence anywhere in the world.
- Must be a Canadian Citizen or permanent resident for the past twelve months prior to your completion date.
- You must reside in the home for a minimum of 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.