Learn everything you need to know about British Columbia land property transfer tax. Also, use our easy-to-use property transfer tax for BC calculator to estimate the land transfer tax amount to buy a property in BC.
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You are subject to a Property Transfer Tax (called Land Transfer Tax in other provinces) when you buy a house, condo, or land in British Columbia.
The amount is due upon closing of the property transaction.
Property transfer tax is part of the house purchase closing costs, which should not be overlooked as the amount might be pretty high, especially when buying a pricy property.
Whether you’re buying your first home or your next home in BC, this guide will help you fully understand how BC land transfer will impact your property purchase.
The guide also outlined the steps to get a rebate if you are a first-home buyer in British Columbia.
British Columbia (B.C.), a Canada Pacific province, is one of the country’s most attractive places to live. It is noted for its rich cultural heritage, industries, and safety record. The province has a population of around 4 million and is home to the largest city in Western Canada. The area has driven economic hubs in cities like Vancouver, Victoria, Kelowna, and Surrey.
British Columbia offers all-year-round outdoor activities, and some of its southern cities’ have mild climates. It is also home to some of the country’s best universities and colleges.
The province is home to the Rocky Mountains, an abundance of forests, and a long coastline.
"Beautiful British Columbia"
$927,200
$506,682
5,286,528
$72,000
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You will be levied a Land transfer tax when you take title ownership or buy a property in BC. The amount paid is based on the purchase price of the property.
Purchase Price of the Property | Marginal Land Tax Rate |
Up to $200,000.00 | 1.00% |
$200,000.01 To $2,000,000.00 | 2.00% |
Above $2,000,0000.00 | 3.00% |
Above $3,000,000.00 | A Further 2% on residential properties(5% total) |
For example, let’s consider the home you are buying is valued at $800,000.
The first $200,000 will be taxed at 1.0%, then the remaining $600,000 is taxed at 2.0%. This results in a total land transfer tax of $14,000.00:
First Taxed Bracket
Marginal Tax Rate
Land Transfer Tax
Second Taxed Bracket
Marginal Tax Rate
Land Transfer Tax
Total Land Transfer Tax
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The BC government offers many types of Land Transfer Tax rebates and exemptions. You can qualify for most of these exemptions if you buy or take an ownership interest in a property located in BC.
If you’re purchasing your first home in BC, you may qualify to reduce or eliminate the amount of land transfer tax you pay.
You can still qualify for this exemption even if your co-borrower is not eligible. For example, if you acquired 70% interest in the property and another person acquired 30% interest but only you meet the qualifications, only your 70% would receive the exemption.
You qualify as a first-time homebuyer if:
To qualify for a full refund, the property must:
You may only qualify for a partial refund if:
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