BC Property Transfer Tax Calculator: PTT, First-Time Buyer and New Home Exemptions
Calculate British Columbia property transfer tax: 1% to $200,000, 2% to $2 million, 3% above and the further 2% on residential value over $3 million, with the first time home buyers' exemption (up to $8,000 to $835,000, phased out by $860,000), the newly built home exemption (to $1.1 million, phased out by $1.15 million), co-buyer shares and the 20% additional tax for foreign buyers.
How it works
general PTT = 1% × first $200,000 + 2% × ($200,000 to $2,000,000) + 3% × above $2,000,000 · further 2% × residential value above $3,000,000 · first-time buyer: exemption = tax on the first $500,000 (max $8,000) if value ≤ $835,000; $8,000 × ($860,000 − value) ÷ $25,000 if below $860,000 · newly built: exemption = PTT if value ≤ $1,100,000; PTT × ($1,150,000 − value) ÷ $50,000 if below $1,150,000 · exemption × qualifying share · foreign buyers: + 20% × their share of residential value
British Columbia charges property transfer tax (PTT) when a property title is registered. It is a marginal tax on the fair market value: 1% on the first $200,000, 2% on the part from $200,000 to $2 million and 3% above $2 million, with a further 2% on the residential part of the value above $3 million. Your lawyer or notary pays it at registration, usually out of your closing funds. Two exemptions cut the bill for many buyers. The first time home buyers' program waives the tax on the first $500,000 of homes worth up to $835,000, a saving of up to $8,000, and the saving phases out in a straight line to nothing at $860,000. The newly built home exemption waives the whole tax on new homes worth up to $1.1 million, phased out between $1.1 million and $1.15 million. When only some buyers qualify, only their share of the exemption applies. Transfers of a principal residence between related individuals can also be exempt. Foreign nationals, foreign corporations and taxable trustees pay an additional 20% on their share of residential property in specified areas such as Metro Vancouver, and cannot claim the exemptions. Land over 0.5 hectares, other buildings on the land and long leases change the calculation and are not modelled here.
Worked example
A $950,000 resale home: 1% of $200,000 = $2,000, plus 2% of the next $750,000 = $15,000, for $17,000 of PTT (1.79% of the price). A first-time buyer gets nothing at this price because it is over $860,000. At $850,000 a first-time buyer would pay $15,000 − $8,000 × $10,000 ÷ $25,000 = $15,000 − $3,200 = $11,800, and a newly built home at $1,110,000 would pay $20,200 − $16,160 = $4,040.
Sources: B.C. Government: Property transfer tax (rates) · B.C. Government: Property transfer tax calculation examples · B.C. Government: First time home buyers' exemption · B.C. Government: First time home buyers' exemption amounts · B.C. Government: Newly built home exemption amounts
Frequently asked questions
How much is property transfer tax in B.C.?
1% on the first $200,000 of fair market value, 2% from $200,000 to $2 million, 3% above $2 million, and a further 2% on residential value above $3 million. A $650,000 home pays $2,000 + $9,000 = $11,000.
How much do first-time buyers save?
Up to $8,000: the tax on the first $500,000 is waived for homes worth up to $835,000. Between $835,000 and $860,000 the exemption shrinks by $320 for every $1,000 of price, and it is gone at $860,000.
Is a newly built home exempt from PTT?
Yes, fully up to a fair market value of $1,100,000 if you move in as your principal residence, with a partial exemption up to $1,150,000. At $1,110,000 the exemption is $20,200 × 40,000 ÷ 50,000 = $16,160.
What if only one buyer is a first-time buyer?
Only the qualifying buyer's share is exempt. On a $700,000 home bought 50/50, the exemption is $8,000 × 50% = $4,000 and the tax payable is $12,000 − $4,000 = $8,000.
Is PTT charged on the mortgage or the price?
On the fair market value of the property, usually the purchase price. It is due when the title is registered and cannot be added to most mortgages, so budget for it in your closing costs.
What is the additional property transfer tax?
An extra 20% that foreign nationals, foreign corporations and taxable trustees pay on their share of residential property in specified areas of B.C., including Metro Vancouver, the Fraser Valley, the Capital Regional District, Central Okanagan and Nanaimo.
Related calculators
Uses B.C. property transfer tax rates and the first time home buyers' and newly built home exemption thresholds in force for transfers registered on or after April 1, 2024 (still current in October 2026). It does not model land over 0.5 hectares, other buildings on the land, leases or other exemptions. Confirm with the B.C. Ministry of Finance or your lawyer or notary. Educational estimate, not tax advice.