Search results
- The tax is charged at a rate of: 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000 and up to and including $3,000,000 and 5% on the portion of the fair market value greater than $3,000,000.
bchb.ca/closing-costs-for-buyer/Closing Costs for Buyer - BC Homes for sale - Real Estate 101
Find out your closing costs using our interactive closing cost calculator. Get a full breakdown of what you’ll need to pay in Canada, from land transfer taxes to title insurance.
- History of The Property Transfer Tax
- BC Property Transfer Tax
- Foreign Buyers
- First Time Home Buyers’ Program
- Other Exemptions
Originally called the Property Purchase Tax, the PPT was first introduced in 1987 as a wealth tax to discourage speculation and cost 1% of the first $200,000 and 2% of the remainder, although 95% of home purchases did not qualify for the tax at the time as they were below the $200,000 mark. In 1994, the government introduced the First-Time Home Buy...
Similar to Land Transfer Taxes in other provinces, BC government requires its home buyers to pay a Property Transfer Tax (PTT) when purchasing a new home. The tax is valued at:
If the home buyer is a foreign national (other than permanent residents of Canada), foreign corporation, or a taxable trustee, an additional 15% PPT must be paid if the property was registered prior to February 20th, 2018 and increases to 20% if registered afterwards. The areas that require the additional tax are: 1. Capital Regional District 2. Fr...
The First Time Home Buyers’ Program reduces the amount of tax paid on the first home. The qualifications for the individual at the time of registration as well as the property are as follows: The buyer must: 1. be a Canadian citizen or permanent resident 2. have lived in B.C. for 12 consecutive months immediately before the date you register the pr...
The Newly Built Homes Exemption qualifies for buyers of new homes and provides a full exemption for property priced up to $1,100,000 or a partial exemption if priced between $1,100,000 and $1,150,000 for properties registered on or after April 1, 2024. For properties which are registered before April 1, 2024, the exemption applies if the home is pr...
Closing costs are among the most overlooked and poorly understood expenses in a Real Estate transaction. Use this calculator to get a generate an accurate breakdown of your BC completion costs. Includes functionality for the most common BC Transfer Tax Exemptions.
Remember that you need money for last-minute closing costs for buyer: taxes, legal fees, appraisal fees, moving expenses, home insurance.
Closing costs can run from 1% to 4% of your home purchase price — and they're are on top of your down payment. Calculate yours to avoid ‘mortgage-close shock' for a stress-free process. Here are the approximate amounts for your Closing Costs and how they're paid.
For now, go to the Government of British Columbia’s website to estimate your Property Transfer Tax. Check back soon! The updated tax calculator will feature new exemptions, including an increase to the First Time Homebuyers Program threshold, which will apply for purchases.
People also ask
How much do BC real estate closing costs cost?
What are closing costs in Canada?
How much do closing costs cost?
What's new in the BC property transfer tax calculator?
What is the BC homebuyer tax calculator?
How much does it cost to close a house?
For example, if the purchase price of your new BC home is $750,000, the calculation of 2% to 4% will be $15,000 to $30,000 in closing costs. The most considerable sum will be Property Transfer Tax that amounts to $13,000 for a house valued at $750,000.
