BC land transfer tax calculator

Yes. In British Columbia it is called the Property Transfer Tax, and it is the provincial equivalent of what other provinces call land transfer tax. The buyer pays it to the Province on completion, and it cannot be rolled into the mortgage.

The tax is marginal: 1% on the first $200,000, 2% from $200,000 to $2,000,000, 3% from $2,000,000 to $3,000,000, and a further 2% on the residential value above $3,000,000, for 5% in total on that portion. A $1,000,000 home works out to $18,000.

No. Like income tax, each rate applies only to the portion of the price inside that band. A $2,100,000 home pays 3% on the last $100,000 only, not on the entire purchase price.

First-time buyers receive a credit worth up to $8,000, the tax on the first $500,000 of value, on homes below $835,000, phasing out to nothing at $860,000. It is not a blanket exemption: at $835,000 you still pay tax on the value above $500,000.

Buying a newly built home as your principal residence exempts you from Property Transfer Tax entirely up to $1,100,000, phasing out at $1,150,000. It removes the whole tax rather than a fixed credit, so it is worth far more than the first-time buyer exemption where both apply.

You may qualify for both but can only apply one. Below $1,100,000 the newly built exemption is always worth more, because it removes the entire tax instead of capping the relief at $8,000.

Foreign nationals, foreign corporations, and taxable trustees pay an Additional Property Transfer Tax of 20% of fair market value on residential property in Metro Vancouver, the Fraser Valley, the Capital, Central Okanagan, and Nanaimo regional districts. It is charged on top of the general tax.

On completion day, as part of your closing costs. Your lawyer or notary collects it and remits it when the transfer is registered at the Land Title Office, so you need it in cash on top of your down payment.