Property Transfer Tax Calculator
What is PTT (Property Transfer Tax)?
When buying a home in British Columbia, the buyer must pay the provincial Property Transfer Tax, also called PTT for short. The tax is payable on the fair market value of any home or real property purchased and is different from property tax which is levied annually by the municipal government. Unlike municipal property tax, Property Transfer Tax is a one-time payment incurred on purchase or other transfers of real property unless you qualify for a specific exemption. For more information on Property Transfer Tax and common exemptions, please see the links below.
How is PTT Calculated?
Property Transfer Tax is charged at the following rate:
1% for the first $200,000 of the fair market value of the property,
2% on any amount over $200,000 up to and including $2,000,000, and
3% on any amount over $2,000,000.
For example, the PTT for a property with a fair market value of $175,000 will be charged at a rate of 1% as the fair market value is below $200,000 for a total of $1,750. The PTT for a property with a fair market value of $540,000 will be charged at a rate of 1% for the first $200,000 and at a rate of 2% for the remaining $340,000 for a total of $2,000 + $6,800=$8,800.