Property Transfer Tax in Brief
Tax Calculation:
1% of the first $200,000 of purchase price; 2% of the balance
First Time Home Buyers may qualify for exemption if:
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Purchase price (including GST) is less than $325,000 (full exemption) $325,000 to $350,000 partial rebate- see below*.
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Mortgage amount is 70% or greater
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Buyer(s) must move in within 92 days of registration and reside in property for a minimum of 1 year.
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Canadian Citizen or permanent residing in Canada for 12 months prior to completion date.
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Resident of BC
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Never owned a principal residence anywhere.
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TWO BUYERS- partial rebate depending on percentage of ownership registered.
*Partial exemption example with Price of $331,500:
PTT Exemption = ($350,000-$331,500) divided by $25,000= 74%
Purchaser pays full tax less 74% or $1203.80