BC Property Transfer Tax

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In today’s Finance Minute let’s talk about the next biggest expense that you have to pay when buying a property. It’s the Property Transfer Tax.  For those buying a Property in British Columbia ONLY, the property transfer tax rate is 1% on the first $200,000 2% of the value of the property above $200,000 and up to and Including $2,000,000.  If you are a First Time Homebuyer meaning you’ve never owned a principal residence anywhere in the world, then you are exempt from paying the Property Transfer Tax if the property that you are buying is worth $500,000 and below.  Another exemption is If you are buying a brand new property worth $750,000 and below.  

If you want to use a Calculator to figure out the amount that you have to pay please go to this link. https://forms.gov.bc.ca/taxes/estimate-your-property-transfer-taxes/

If it’s too confusing, let’s talk  and we can figure it out together.  I want to create a positive lasting difference in the lives of thousands. Please like and share this post so you can too!

Bernadette Laxamana

Bernadette Laxamana is the Founder and President of Karista Mortgage. She is driven to live her best life with purpose while create a positive lasting difference in others lives.
Bernadette Laxamana

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