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When you a buy a house, condo or land in BC you are subject to land transfer tax which is due upon closing.
In British Columbia, buyers must pay a property transfer tax, which is based on the fair market value of the land and improvements. The tax is charged at a rate of 1% for the first $200,000, 2% for the portion of the fair market value that is greater than $200,000 up-to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000.
Use Ratehub.ca’s calculator to determine your applicable land transfer tax or view BC’s current rates below and follow along with our sample calculation.
The British Columbia land transfer tax is a marginal tax, and each portion of your home’s value is taxed at its own unique tax rate. These land transfer tax rates are as follows:
|PURCHASE PRICE OF HOME||MARGINAL TAX RATE|
|On $200,001 to $2,000,000||2.0%|
|Over $3,000,000||A further 2% for residential properties (5% total)|
You qualify as a first-time homebuyer if:
Your property qualifies for a full refund if:
You will only qualify for a partial refund if:
To apply, you must fill out a First Time Home Buyers’ Property Transfer Tax Return and other appropriate Land Title forms at the Land Title Office when your property is registered.