British Columbia property transfer tax Calculator

How much is property transfer tax in B.C.?

B.C. property transfer tax on a $1,000,000 home is $18,000. That is $2,000 on the first $200,000 plus 2% of the remaining $800,000. The tax is based on fair market value at registration, which is usually the price on an open-market sale. The table shows what buyers pay at common B.C. prices with and without the two main exemptions.

B.C. first time home buyers' exemption, step by step

The first-time exemption removes the tax on the first $500,000 of value, worth up to $8,000, for homes up to $835,000. Between $835,000 and $860,000, the $8,000 shrinks in a straight line. At $845,000, the exemption is $4,800, so the buyer pays $10,100. At $860,000 or more, nothing is exempt.

To qualify you must be a Canadian citizen or permanent resident. You must have lived in B.C. for the year before registration or filed two B.C. income tax returns in the last six years. You must never have owned a principal residence anywhere or claimed this exemption before. The home must be your only principal residence, sit on 0.5 hectares or less and contain only residential improvements.

Your legal professional claims the exemption on the property transfer tax return. After you buy, you must move in within 92 days and live there continuously until the first anniversary of registration, or you can lose the exemption. If it was not claimed at closing, you can ask for a refund on Form FIN 265 between the first anniversary and 18 months after registration.

Newly built home exemption

The newly built home exemption is worth more and has no first-time requirement. A new home up to $1,100,000 is fully exempt. Above that, relief phases out to nil at $1,150,000. A buyer of a $1,120,000 new condo saves $12,240 of the $20,400 tax.

A home counts as newly built if nobody has lived in it since construction. This covers a house built on vacant land, a unit in a new condo building, a manufactured home placed on vacant land and a house created by subdivision. You must be a citizen or permanent resident, move in within 92 days and occupy it as your principal residence for the first year. If you leave early, the exemption is reduced in proportion. A missed claim can be refunded on Form FIN 272, filed after the first anniversary and within 18 months of registration.

You use one exemption or the other on a purchase, and the calculator applies whichever is larger. B.C. tells buyers who applied under the first-time program to contact the ministry about switching to the newly built home exemption, which on a new home usually wins because it covers the whole tax up to a much higher value.

Foreign buyers: the 20% additional property transfer tax

Foreign nationals, foreign corporations and taxable trustees pay an extra 20% of the fair market value of their share when they buy residential property in the Capital Regional District or the Metro Vancouver, Fraser Valley, Central Okanagan or Nanaimo regional districts. On a $1,500,000 Vancouver home, that is $300,000 on top of the ordinary $28,000. Foreign buyers cannot claim either exemption.

B.C. Provincial Nominees who make the home their principal residence are exempt, and properties on Tsawwassen First Nation treaty lands are outside the tax. The additional tax is filed and paid on the same property transfer tax return.

The federal purchase ban narrows who is affected. While it runs (currently to 1 January 2027, per Finance Canada), most foreign nationals cannot buy homes in Metro Vancouver, Victoria, Kelowna or Nanaimo at all. Those CMHC lists as exceptions, such as eligible work-permit holders and international students buying for $500,000 or less, can buy but still pay the 20% additional tax if the property is in a specified area. The federal ban carries a fine of up to $10,000 and a possible court-ordered sale.

How B.C. property transfer tax is paid

Your lawyer or notary files the property transfer tax return through B.C.’s web-based system, and the tax is due when the transfer is registered at the Land Title Office. Because the tax is based on fair market value, a related-party sale at a discount is still taxed on what the property is worth. B.C. can audit the value. Questions go to the Ministry of Finance at 1-888-841-0090.