In British Columbia you must pay Property Transfer Tax when you purchase or acquire an interest in a property. The Property Transfer tax is paid when you register changes to a certificate of title with the Land Title Office. First time buyers may be exempt from paying all or a portion of Property Transfer Tax. Your lawyer or Notary will be able to confirm if you are eligible and in most cases will apply for the First Time Homebuyers Program for you. Property Transfer Tax RatesThe amount of tax due depends on the fair market value of the property that is transferred:
- If the fair market value is $200,000 or less, the tax is 1% of the fair market value.
- If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.
The Government website with further information can be found here