British Columbia Property Taxes
Property Transfer Tax
All properties in BC are subject to a Property Transfer Tax. The tax is one percent of the fair market value up to $200,000, plus two percent on the portion of the fair market value that is greater than $200,000.
For example:
SALE PRICE: $500,000
1% ON $200,000 = $2,000
2% ON $300,000 = $6,000
TOTAL TAX PAYABLE: $8,000
First-time homebuyers are often eligible for an exemption from the Property Transfer Tax on principal residences when certain conditions are met. If your are interested in further information on whether you can qualify for the exemption, please contact one of our associates!
GST
- Property owners pay GST on the commission.
- GST is generally not payable on “re-sale” housing.
Property Taxes
Your lawyer or notary will adjust your annual municipal property taxes at the time of closing. If the property is your principal residence, you may be eligible for a Homeowner’s Grant. If you are under the age of 65, this grant may reduce your property taxes by several hundred dollars. If you are over the age of 65, your taxes may be reduced even further. This Homeowner’s Grant does not apply to revenue properties, or on properties exceeding a certain assessed value.
