How much is the Property Transfer Tax in BC?

The BC Property Transfer Tax (PTT) is calculated on a graduated scale: 1% on the first $200,000, 2% on $200,001–$2,000,000, 3% on $2,000,001–$3,000,000, and 5% on amounts over $3,000,000. On a $700,000 home, the PTT would be $12,000. First-time buyers are exempt from PTT on homes up to $500,000 (partial exemption up to $525,000), and newly built homes have a separate exemption up to $750,000.

Do first-time buyers pay Property Transfer Tax in BC?

First-time buyers in BC are fully exempt from the Property Transfer Tax on homes up to $500,000. For homes between $500,001 and $525,000, a partial exemption applies (the exemption is phased out proportionally). On a $500,000 home, the first-time buyer saves $8,000 in PTT. To qualify, you must be a Canadian citizen or permanent resident, have lived in BC for 12 consecutive months or filed 2 BC tax returns in the last 6 years, and never previously owned a home.

How much are closing costs in Vancouver?

Closing costs in Vancouver on a $800,000 home are typically $20,000–$25,000, with the Property Transfer Tax ($14,000) being the largest component. Other costs include legal fees ($1,500–$2,500), title insurance ($300–$500), home inspection ($400–$600), and property tax adjustments. First-time buyers purchasing a home under $500,000 save up to $8,000 through the PTT exemption.

Closing Costs in British Columbia — Complete Calculator (2026)

British Columbia has the second-highest closing costs in Canada after Toronto, primarily due to the Property Transfer Tax. BC also has unique exemptions for first-time buyers and newly built homes that can save buyers thousands.

BC Property Transfer Tax

Fair Market Value Portion	Tax Rate
First $200,000	1%
$200,001 to $2,000,000	2%
$2,000,001 to $3,000,000	3%
Over $3,000,000	5%

PTT calculation examples

Purchase Price	PTT Calculation	Total PTT
$400,000	($200K × 1%) + ($200K × 2%)	$6,000
$500,000	($200K × 1%) + ($300K × 2%)	$8,000
$600,000	($200K × 1%) + ($400K × 2%)	$10,000
$700,000	($200K × 1%) + ($500K × 2%)	$12,000
$800,000	($200K × 1%) + ($600K × 2%)	$14,000
$1,000,000	($200K × 1%) + ($800K × 2%)	$18,000
$1,500,000	($200K × 1%) + ($1.3M × 2%)	$28,000

First-time buyer PTT exemption

Criteria	Requirement
Buyer status	Canadian citizen or permanent resident
BC residency	Lived in BC for 12 consecutive months before closing, OR filed 2 BC income tax returns in the last 6 years
Previous ownership	Never owned a home anywhere in the world
Fair market value	Up to $500,000 (full exemption), partial $500,001–$525,000
Property use	Must be your primary residence
Property size	0.5 hectares (1.24 acres) or smaller

First-time buyer savings

Purchase Price	Normal PTT	With FTB Exemption	Savings
$400,000	$6,000	$0	$6,000
$500,000	$8,000	$0	$8,000
$510,000	$8,200	$5,467	$2,733
$525,000	$8,500	$8,500	$0 (exemption fully phased out)
$600,000	$10,000	$10,000	$0

Newly built home PTT exemption

Criteria	Requirement
Property type	New home (never occupied)
Fair market value	Up to $750,000 (full exemption), partial $750,001–$800,000
Buyer status	Any buyer (does not need to be first-time)
Property use	Must be primary residence

Newly built home savings

Purchase Price	Normal PTT	With New Build Exemption	Savings
$600,000	$10,000	$0	$10,000
$700,000	$12,000	$0	$12,000
$750,000	$13,000	$0	$13,000
$775,000	$13,500	$6,750	$6,750
$800,000+	Full PTT	Full PTT	$0

Note: First-time buyers purchasing a new build worth $500,000–$750,000 should claim the newly built exemption (larger savings) rather than the first-time buyer exemption.

Complete BC closing cost estimate

Scenario 1: $600,000 resale in Vancouver (first-time buyer, 10% down)

Cost	Amount
Property Transfer Tax	$10,000
First-time buyer exemption	$0 (home > $525K — no exemption)
Legal/notary fees	$1,800
Title insurance	$400
Home inspection	$550
Property tax adjustment	$1,800
Home insurance	$2,200
Moving costs	$3,000
Total closing costs	$19,750

Scenario 2: $500,000 condo in Victoria (first-time buyer, 5% down)

Cost	Amount
Property Transfer Tax	$8,000
First-time buyer PTT exemption	–$8,000
Legal/notary fees	$1,500
Title insurance	$350
Home inspection	$400
Strata document review	$200
Property tax adjustment	$1,000
Home insurance	$1,400
Moving costs	$1,500
Total closing costs	$6,350

Scenario 3: $800,000 detached in Surrey (repeat buyer, 20% down)

Cost	Amount
Property Transfer Tax	$14,000
Legal/notary fees	$2,000
Title insurance	$450
Home inspection	$600
Property tax adjustment	$2,200
Home insurance	$2,600
Moving costs	$3,500
Total closing costs	$25,350

BC-specific considerations

Foreign buyer tax

Non-Canadian buyers in designated areas (Metro Vancouver, Capital Regional District, Fraser Valley, and several others) pay an additional 20% Foreign Buyers Tax on top of the PTT.

Strata (condo) costs

Strata Form B information certificate: $35–$150 (paid to strata corporation)
Form F certificate of payment: $15–$35
Depreciation report review: Essential reading before purchasing a strata unit

GST on new builds

New construction is subject to 5% GST. A partial GST rebate is available on homes up to $450,000 (36% rebate on the GST paid, up to $6,300). The rebate phases out between $350,000 and $450,000.

Speculation and vacancy tax

Metro Vancouver properties not used as a primary residence or rented long-term are subject to BC’s Speculation and Vacancy Tax (0.5–2% of assessed value annually). Be aware of this if purchasing an investment property.