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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. 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.
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Content last updated: November 30, 2020
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 | ||||
---|---|---|---|---|---|
First $200,000 | 1.0% | ||||
On $200,001 to $2,000,000 | 2.0% | ||||
Over $2,000,000 | 3.0% | ||||
Over $3,000,000 | A further 2% for residential properties (5% total) |
Let’s assume you are purchasing a house worth $250,000:
British Columbia provides land transfer tax rebates for first-time homebuyers. Homes purchased for $500,000 or less will receive a full refund. For homes with a purchase price of between $500,000 and $525,000, a partial refund is given. A sample calculation of this can be seen below.
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.