Property Transfer Tax

A British Columbia Property Purchase Tax is imposed at a rate of 1 percent on the first $200,000 of the fair market value of the property being transferred (this is usually the selling price). A rate of 2 percent applies to the balance over $200,000.

The First Time Home Buyer’s Program (FTHBP) provides an exemption from property transfer tax to individuals purchasing their first home. Effective February 20, 2008, the fair market value threshold for eligible residential residential property is $425,000. A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold. Additional information about the FTHBP can be found at: http://www.sbr.gov.bc.ca/documents_library/brochures/FirstTimeHomeBuyer.pdf. PDF Download

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