CostBC's Property Transfer Tax uses marginal brackets rising to 3% on the portion of the price above $3 million, plus an extra 2% on the residential portion above $3 million. First-time buyers and buyers of newly-built homes each have their own separate exemption.
The brackets
BC's Property Transfer Tax (PTT) is calculated as: 1% on the first $200,000, 2% on the portion from $200,000 to $2,000,000, 3% on the portion from $2,000,000 to $3,000,000, and a further 2% (5% total on that slice) on the residential portion above $3,000,000.
Two separate exemptions worth knowing
BC offers a first-time buyer exemption, fully eliminating the tax up to a set price threshold with a partial exemption phasing out above it — see our first-time buyer rebates guide. Separately, BC also offers a newly-built home exemption, available even to buyers who aren't first-time buyers, specifically for qualifying new construction up to its own price threshold. These are two distinct programs with different eligibility rules, and in some cases a buyer might qualify for one but not the other.
A worked example
$900,000 home, not eligible for either exemption
| 1% on first $200,000 | $2,000 |
| 2% on remaining $700,000 | $14,000 |
| Total PTT | $16,000 |
See your exact number, including either exemption if applicable, on the closing cost calculator.