Last updated: July 22, 2022
What this tool is all about:
This tool lets you get an estimate of what your land transfer tax will be when you purchase a British Columbia property.
Anyone who purchases a property must pay a land transfer tax to the province in which they bought the property and it must be paid when the transaction closes. Depending on your location, residents might have to pay both provincial and municipal land transfer tax.
If you are a first-time home buyer in British Columbia, you might be able to claim a first-time home buyer land transfer tax credit. Properties are eligible for a full refund if the property value is $500,000 or less.
Your eligibility for this first time home buyer land transfer tax based on the following:
To be eligible, your property must also meet certain criteria such as:
For first-time home buyers purchasing real estate in British Columbia, homes priced between $500,000 to $525,000, are given a partial refund. You might be eligible for a partial exemption if you meet the criteria of being a first-time home buyer and your property:
If you are unsure if you are eligible for the first-time home buyer land transfer tax rebate, talk to your mortgage advisor to learn more.
|Purchase Price of Property||Marginal Tax Rate|
|Up to and including $200,000||1%|
|$200,001 to $200,000,000||2%|