1% of the 1st $200,000 plus 2% of the remaining amount.
This Provincial Tax is due every time a property in B.C. changes hands. Your conveyancer (Lawyer) will collect the tax on closing and pay it to the Government.
As a first time buyer, you will be eligible for exemption from the Property Purchase Tax under the following conditions:
- Purchase price is less than $475,000 (full exemption)
- A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $500,000). See the BC Government Website on this issue
- You have never owned a primary residence anywhere in the world.
- Must be a Canadian Citizen or permanent resident for the past 12 (twelve) months prior to your completion date.
- You must reside in the home for a minimum of 1 (one) year following completion.