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HomeToolsCalculatorsProperty Transfer Tax (PTT) Calculator

Property Transfer Tax (PTT) Calculator

Property Transfer Tax is a tax payable under the Property Transfer Tax Act on the transfer of an interest in real property by the person acquiring the interest.

When buying a home in BC, the buyer automatically pays the provincial Property Transfer Tax (PTT).

Property Transfer Tax is charged at a rate of 1% on the first $200,000 of the fair market value of the property, and 2% on the rest.

For example, if the fair market value (FVR) of the property is $150,000, the tax is 1% of $150,000 or $1,500.

If the property's fair market value (FVR) is $500,000, then the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $300,000 ($6,000) for a total tax of $8,000.

If you're buying your first property, then you're not required to pay Property Transfer Tax. The property must be your principal residence, and you must live there for at least one year. A full exemption is possible only when the fair market value (FMV) of your property does not exceed $425,000 and the land does not exceed 0.5 hectares (1.24 acres).

Here's where it gets complicated. If the value exceeds the qualifying value of $425,000 by no more than $25,000, then you're eligible for a partial exemption.

For example, suppose the fair market value (FVR) is $445,000.

If the property's fair market value (FVR) is $445,000, then the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $245,000 ($4,900) for a total tax of $6,900.

Next, ($450,000-$445,000)/$25,000=$1,380.

Your first-time homebuyer tax is $6,900-$1,380=$5,520


New Home? —   
First Time Home Buyer? —   
Purchase Price — $ 
BC GST — $ 
BC GST Rebate — $ 
Net BC GST — $ 
Property Transfer Tax — $ 
Exemption Amount — $ 
Property Transfer Tax Payable — $ 
Total Purchase Cost — $ 

  


Assumptions: Completion date on/after April 1, 2013 and before April 1, 2015 (construction at least 10% complete at April 1, 2013). GST calculated as 5% on Purchase Price, calculated on new homes only. GST rebate calculated as 36% on homes less than $350,000, and partial rebate on homes between $350,000 and $450,000. Property Transfer Tax (PPT) calculated as 1% on first $200,000, 2% on remaining amount. First time home buyers are exempt when purchase price is below $425,000. Partial exemption when purchase price is between $425,000 and $450,000. Total Purchase cost is the sum of the Purchase Price, Net BC GST, & Net Property Transfer Tax. For estimation purposes only. HomesOnTheWeb.ca does not make any express or implied warranties with respect to the information or results in connection to this, or any other calculator. HomesOnTheWeb.ca will not be held liable for any losses or damages resulting from any errors or omissions in any information or results, or any action or decision made by users in reliance on any information or results. Please consult a financial professional when making important financial decisions.


Disclaimer: Information is provided for sample purposes only. does not guarantee its accuracy. Information should be verified and should not be relied upon as legal, financial, or other advice.

          Erik did a great job of showcasing the home via print and digital media, and, as a result, the home sold much sooner than we had anticipated. - Barb Sweeney
Macdonald Realty, 100-2429 152 Street, Surrey, BC V4P 1N4 Copyright © 2016 Erik Hopkins. Reproduction Strictly Prohibited.
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