Property Transfer Tax
Property Transfer Tax is payable by the Buyer when they make a purchase on a property, it is a land registration tax. It must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property Transfer Tax is payable on the fair market value of the property being transferred.
Property Transfer Tax is calculated as follow:
1% on the first $200,000 of the fair market value (which is usually the agreed price)
and 2% on the balance.
Example:
Agreed price on property is $1,000,000
1% on first $200,000 = $2,000
2% on balance ($800,000) = $16,000
Total: $18,000
*First-time Homebuyers incentives
For more info on Property Transfer Tax, please go to:http://www.sbr.gov.bc.ca/business/property_taxes/property_transfer_tax/ptt.htm