February 20, 2018 - Today, the NDP Government in British Columbia changed the Property Transfer Tax (PTT) on home purchases for the 2nd time in less than a year. The Foreign Buyer Tax has been increased from 15% to 20% and homes over $3 million have also had an increase in the PTT. Do you think this will curb the escalating home prices in Greater Vancouver?
The property transfer tax rate is:
- 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,
- 3% on the portion of the fair market value greater than $2,000,000, and
- if the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).
If the property is classified as residential and farm, or is residential mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property. Use our Property Transfer Tax Calculator for Residential Property over $3,000,000 (PDF) to help you determine the tax amount owing.
To find out how to calculate the property transfer tax, see Calculation Examples below.
If you’re a foreign national, foreign corporation or taxable trustee and the residential property is located in specified areas of B.C., you also have to pay the additional property transfer tax on the fair market value of your proportionate share.
Estimate Tax Payable
Use the property transfer tax calculator to estimate the tax you owe based on the fair market value of your property.
Note: The calculator doesn't calculate the further 2% tax on residential property greater than $3,000,000 or the additional property transfer tax on residential property transfers to foreign entities or taxable trustees.
Fair market value is the price that would be paid by a willing purchaser to a willing seller for a property (land and improvements) in the open market on the date of registration.