October 9, 2024
Understanding Property Transfer Tax in BC
The property transfer tax in BC is an essential part of any real estate transaction in the province. Whether you're buying a home for the first time or adding to your real estate portfolio, understanding this tax can save you from unexpected costs. For home buyers in Brookswood, Langley, and other areas of BC, knowing the specifics of property transfer tax is crucial in planning your purchase.
In this guide, we’ll break down the fundamentals of the property transfer tax in BC, explain how much it costs, who pays it, and whether new homes are subject to this tax.
What is the Property Transfer Tax in BC?
The property transfer tax (PTT) in BC is a tax payable by the buyer whenever real estate property is transferred. It was first introduced in 1987 and is mandated by the Property Transfer Tax Act of British Columbia. The purpose of this tax is to generate revenue for the provincial government through real estate transactions.
The PTT applies whether you’re purchasing a home, commercial property, or vacant land, and is calculated based on the fair market value of the property at the time of registration. The buyer must pay the PTT when the property’s title is officially transferred, making it an unavoidable cost in any real estate purchase in BC.
How Much is Property Transfer Tax in BC?
The property transfer tax in BC is calculated using a tiered rate structure:
- 1% on the first $200,000 of the property’s fair market value.
- 2% on the portion of the value from $200,001 to $2,000,000.
- 3% on any portion above $2,000,000.
- For properties over $3,000,000, an additional 2% is charged on the portion over $3,000,000 if the property is residential.
For example, if you’re purchasing a home in Langley for $750,000, the PTT would be calculated as follows:
- 1% on the first $200,000 = $2,000
- 2% on the next $550,000 ($750,000 - $200,000) = $11,000
- Total PTT payable = $13,000
However, there are certain exemptions and rebates available, such as the First-Time Home Buyer Exemption. If you qualify, you may be exempt from paying PTT on homes valued under $500,000, with partial exemptions on homes priced between $500,001 and $525,000.
To get a more precise estimate of how much property transfer tax you may owe, use the BC Property Transfer Tax Calculator.
Who Pays the Property Transfer Tax in BC?
The responsibility of paying the property transfer tax in BC falls solely on the buyer. The PTT is due upon the registration of the property title with the Land Title Office, making it a critical cost to plan for in your real estate transaction.
When purchasing a home in Brookswood, Langley, or any other part of BC, buyers should factor in the PTT as part of their closing costs. It’s important to have the funds ready, as the payment must be made at the time of title transfer. Failure to pay could delay the registration process, which may impact the overall completion of the purchase.
Is There Property Transfer Tax on New Homes in BC?
Yes, the property transfer tax (PTT) does apply to newly built homes, but there’s a special benefit called the Newly Built Home Exemption that can save you money. If you're buying a new home, including condos, that costs less than $750,000, you might not have to pay any PTT at all!
Here’s a quick breakdown through example:
- If you buy a new home for $700,000, and you qualify, you won’t pay any property transfer tax.
- For homes priced between $750,001 and $800,000, you can still get a partial exemption, which means you’ll pay less tax. For instance, if your new home costs $775,000, you’ll get some tax relief but will still have to pay part of the PTT.
Note: To qualify, the buyer must be an individual (not a corporation), and the home must be used as their primary residence. The exemption also applies to vacant land purchased for the construction of a principal residence.
This is a significant benefit for buyers of new homes, as it can result in substantial savings.For more details on claiming this exemption, contact us and we will guide you through.
Conclusion
Understanding the property transfer tax in BC is crucial for anyone buying real estate, whether you're purchasing your first home or making an investment. By knowing how the tax works, who’s responsible for paying it, and what exemptions might apply, you can avoid surprises and be more financially prepared when it’s time to close the deal.
For homebuyers in Brookswood, Langley, and throughout BC, it's always a good idea to consult with a local real estate notary who can guide you through the process and make sure all your legal and financial details are in order.
At Brookswood Notary, we're here to help make your property transaction as smooth as possible. Reach out to us today for expert advice and support with all your property transfer needs.
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Read Our Other Articles
What Does a Notary Public Do?
A Comprehensive Guide to Estate Planning
Understanding Property Transfer Tax in BC
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read all reviewsAnn Z.
Absolutely professional, prompt, and pleasant! Am so glad I found this notary public near my home. I’ve used their services a few time and I know I’ll be back for more. They are my number one choice -and recommendation - for notary public.
Angie C.
Absolutely the best. Professional and Experienced. We will going to her for our legal documentation in the near future.
Kyle K.
Amazing service and very friendly staff! They are super accommodating and always find time for me. Even on short notice. As a frequent customer, I always enjoy my time going there!
Troy R.
Fantastic service, extremely knowledgeable and professional! Highly recommended!
Kaden Z.
Great environment! Very friendly and professional. They will help with all your needs
Andrew P.
I found my experience with Maureen and her staff to be excellent. They were attentive and had everything completed for our meeting even though the time period was short. Would recommend them for your Notary needs!!!
Kathryn V.
I have used Maureen’s services many times since 2010 for everything from real estate transactions, wills, to power of attorney and more. Maureen has always taken the time to explain everything thoroughly and to bring to my attention things that I may not have thought of. Her staff have helped me with urgent matters which I am so grateful for. I will definitely be using this Notary’s office as long as they are open.
Victor. K
I have used Mrs Friesen and her office for a multitude of legalities over 15 years now. I continue to use them as I have found them to be so professional, attention to details are second to none, and this entire office has my unequivocal trust.
Justin A.
Interactions with all staff was courteous, their work was prompt, and with no mistakes. Very pleased with our experience.
Chaeleen H.
Invaluable knowledge! Will be back for myself and already recommended to friends and family. Thank you Maureen.
Maureen F.
I’ve found Maureen Friesen’s notary services to be so professional we have used her for so many needs, divorce, a few home purchases and our Will She is always knowledgeable with the regulations and Laws. Also explains everything that we need. Totally recommend her. The office staff is also professional and helpful
Donna C.
Maureen Friesen is incredible. She is very professional, knowledgeable, and personable. Maureen spent much more time with me than the job required to make sure I completely understood my options. If you need the best I recommend Maureen.
David S.
Maureen and her team are thorough and efficient. We felt very comfortable that our interests were taken care of. They make buying and selling real estate easy.
Lesley U.
Maureen helped complete the sale of my mom’s home. She went above and beyond to make sure it was all clear and that it didn’t feel too overwhelming. I highly recommend her office!
Shane. D
Maureen is a very knowledgeable and professional person who looks after your notary needs in an efficient and timely manner. When it comes to sensitive documents, Maureen takes the time to explain everything, making it make sense and offers recommendations to benefit you and your future. The staff are very friendly and eager to help with any questions you may have. I highly recommend Maureen!
Debb R.
Maureen is fast efficient very thorough and most importantly very respectful. My mom started using her 20+ years ago and we keep coming back.
Joy K.
Maureen is kind and personable and fantastic to work with. We have used her services with many complicated transitions. She is informative and though and doesn’t miss a thing! I am so impressed.
Corinne M.
Maureen is very helpful and thorough. She goes out of her way to get done what needs to be done in a very timely fashion. I have been coming to Maureen for over 30 years and never been let down.
Jill O.
Maureen provides a welcoming experience and takes time to make sure you’re well informed and comfortable! That went a long way during the purchase of our first home and would highly recommend!
Sean W.
More than happy to support. They were able to accommodate us very last minute and were such a great help! Highly recommended!
Rob N.
My wife and I have used Maureen’s services on several occasions when selling and purchasing properties and she and her team have been friendly and professional. They have handled all our needs and everything has been completed efficiently.
Ellie K.
Not only very professional and efficient, but very kind after my husband died and I need a lot of help with legal matters. Thoroughly recommended.
Liesa H.
Over the last 5 years, we have purchased and sold three homes as well as done our Will and POA through Maureen Friesen. We are extremely pleased with the attention to detail, quality of service, and professionalism that her office has provided us with through each transaction. We will continue to use her in the future and highly recommend this Notary to others.
Fallen M.
Receptionist was able to book me in right away. Very courteous, helpful and professional. Looking forward to my experience when I arrive for my appointment.
Cam L.
Thanks Maureen and team for all the professional help and kindness you have shown my sister and I in processing the sale of our mother’s home . You have helped my parents and my family for many years with all our will , POA and real estate transaction needs and we appreciate it !
Sarah S.
The ladies in the office are wonderful. They expedited the sale of my house even with all the anomalies and were friendly and efficient. Would recommend to anyone needing a Notary :)
Jedy. P
The office staff are all friendly and helpful people. Working with Maureen sure made my task much easier, plus she made sure all a clients affairs are understandable to client. I would highly recommend her to people who need that service.
Lissa M.
They were extremely awesome, very friendly and knowledgeable. Highly recommended them!!!
Kim C.
We have used Maureen Friesen a couple of times. Latest with the sale of our house. The service is excellent and super helpful and friendly staff. We are happy to recommend them to everyone
Shelley Y.
We've used Maureen Friesen's services many times since 2003. We have always been well taken care.
Ann Z.
Absolutely professional, prompt, and pleasant! Am so glad I found this notary public near my home. I’ve used their services a few time and I know I’ll be back for more. They are my number one choice -and recommendation - for notary public.
Angie C.
Absolutely the best. Professional and Experienced. We will going to her for our legal documentation in the near future.
Kyle K.
Amazing service and very friendly staff! They are super accommodating and always find time for me. Even on short notice. As a frequent customer, I always enjoy my time going there!
Troy R.
Fantastic service, extremely knowledgeable and professional! Highly recommended!
Kaden Z.
Great environment! Very friendly and professional. They will help with all your needs
Andrew P.
I found my experience with Maureen and her staff to be excellent. They were attentive and had everything completed for our meeting even though the time period was short. Would recommend them for your Notary needs!!!
Kathryn V.
I have used Maureen’s services many times since 2010 for everything from real estate transactions, wills, to power of attorney and more. Maureen has always taken the time to explain everything thoroughly and to bring to my attention things that I may not have thought of. Her staff have helped me with urgent matters which I am so grateful for. I will definitely be using this Notary’s office as long as they are open.
Victor. K
I have used Mrs Friesen and her office for a multitude of legalities over 15 years now. I continue to use them as I have found them to be so professional, attention to details are second to none, and this entire office has my unequivocal trust.
Justin A.
Interactions with all staff was courteous, their work was prompt, and with no mistakes. Very pleased with our experience.
Chaeleen H.
Invaluable knowledge! Will be back for myself and already recommended to friends and family. Thank you Maureen.
Maureen F.
I’ve found Maureen Friesen’s notary services to be so professional we have used her for so many needs, divorce, a few home purchases and our Will She is always knowledgeable with the regulations and Laws. Also explains everything that we need. Totally recommend her. The office staff is also professional and helpful
Donna C.
Maureen Friesen is incredible. She is very professional, knowledgeable, and personable. Maureen spent much more time with me than the job required to make sure I completely understood my options. If you need the best I recommend Maureen.
David S.
Maureen and her team are thorough and efficient. We felt very comfortable that our interests were taken care of. They make buying and selling real estate easy.
Lesley U.
Maureen helped complete the sale of my mom’s home. She went above and beyond to make sure it was all clear and that it didn’t feel too overwhelming. I highly recommend her office!
Shane. D
Maureen is a very knowledgeable and professional person who looks after your notary needs in an efficient and timely manner. When it comes to sensitive documents, Maureen takes the time to explain everything, making it make sense and offers recommendations to benefit you and your future. The staff are very friendly and eager to help with any questions you may have. I highly recommend Maureen!
Debb R.
Maureen is fast efficient very thorough and most importantly very respectful. My mom started using her 20+ years ago and we keep coming back.
Joy K.
Maureen is kind and personable and fantastic to work with. We have used her services with many complicated transitions. She is informative and though and doesn’t miss a thing! I am so impressed.
Corinne M.
Maureen is very helpful and thorough. She goes out of her way to get done what needs to be done in a very timely fashion. I have been coming to Maureen for over 30 years and never been let down.
Jill O.
Maureen provides a welcoming experience and takes time to make sure you’re well informed and comfortable! That went a long way during the purchase of our first home and would highly recommend!
Sean W.
More than happy to support. They were able to accommodate us very last minute and were such a great help! Highly recommended!
Rob N.
My wife and I have used Maureen’s services on several occasions when selling and purchasing properties and she and her team have been friendly and professional. They have handled all our needs and everything has been completed efficiently.
Ellie K.
Not only very professional and efficient, but very kind after my husband died and I need a lot of help with legal matters. Thoroughly recommended.
Liesa H.
Over the last 5 years, we have purchased and sold three homes as well as done our Will and POA through Maureen Friesen. We are extremely pleased with the attention to detail, quality of service, and professionalism that her office has provided us with through each transaction. We will continue to use her in the future and highly recommend this Notary to others.
Fallen M.
Receptionist was able to book me in right away. Very courteous, helpful and professional. Looking forward to my experience when I arrive for my appointment.
Cam L.
Thanks Maureen and team for all the professional help and kindness you have shown my sister and I in processing the sale of our mother’s home . You have helped my parents and my family for many years with all our will , POA and real estate transaction needs and we appreciate it !
Sarah S.
The ladies in the office are wonderful. They expedited the sale of my house even with all the anomalies and were friendly and efficient. Would recommend to anyone needing a Notary :)
Jedy. P
The office staff are all friendly and helpful people. Working with Maureen sure made my task much easier, plus she made sure all a clients affairs are understandable to client. I would highly recommend her to people who need that service.
Lissa M.
They were extremely awesome, very friendly and knowledgeable. Highly recommended them!!!
Kim C.
We have used Maureen Friesen a couple of times. Latest with the sale of our house. The service is excellent and super helpful and friendly staff. We are happy to recommend them to everyone
Shelley Y.
We've used Maureen Friesen's services many times since 2003. We have always been well taken care.
Shelley Y.
We've used Maureen Friesen's services many times since 2003. We have always been well taken care.
Kim C.
We have used Maureen Friesen a couple of times. Latest with the sale of our house. The service is excellent and super helpful and friendly staff. We are happy to recommend them to everyone
Lissa M.
They were extremely awesome, very friendly and knowledgeable. Highly recommended them!!!
Jedy. P
The office staff are all friendly and helpful people. Working with Maureen sure made my task much easier, plus she made sure all a clients affairs are understandable to client. I would highly recommend her to people who need that service.
Sarah S.
The ladies in the office are wonderful. They expedited the sale of my house even with all the anomalies and were friendly and efficient. Would recommend to anyone needing a Notary :)
Cam L.
Thanks Maureen and team for all the professional help and kindness you have shown my sister and I in processing the sale of our mother’s home . You have helped my parents and my family for many years with all our will , POA and real estate transaction needs and we appreciate it !
Fallen M.
Receptionist was able to book me in right away. Very courteous, helpful and professional. Looking forward to my experience when I arrive for my appointment.
Liesa H.
Over the last 5 years, we have purchased and sold three homes as well as done our Will and POA through Maureen Friesen. We are extremely pleased with the attention to detail, quality of service, and professionalism that her office has provided us with through each transaction. We will continue to use her in the future and highly recommend this Notary to others.
Ellie K.
Not only very professional and efficient, but very kind after my husband died and I need a lot of help with legal matters. Thoroughly recommended.
Rob N.
My wife and I have used Maureen’s services on several occasions when selling and purchasing properties and she and her team have been friendly and professional. They have handled all our needs and everything has been completed efficiently.
Sean W.
More than happy to support. They were able to accommodate us very last minute and were such a great help! Highly recommended!
Jill O.
Maureen provides a welcoming experience and takes time to make sure you’re well informed and comfortable! That went a long way during the purchase of our first home and would highly recommend!
Corinne M.
Maureen is very helpful and thorough. She goes out of her way to get done what needs to be done in a very timely fashion. I have been coming to Maureen for over 30 years and never been let down.
Joy K.
Maureen is kind and personable and fantastic to work with. We have used her services with many complicated transitions. She is informative and though and doesn’t miss a thing! I am so impressed.
Debb R.
Maureen is fast efficient very thorough and most importantly very respectful. My mom started using her 20+ years ago and we keep coming back.
Shane. D
Maureen is a very knowledgeable and professional person who looks after your notary needs in an efficient and timely manner. When it comes to sensitive documents, Maureen takes the time to explain everything, making it make sense and offers recommendations to benefit you and your future. The staff are very friendly and eager to help with any questions you may have. I highly recommend Maureen!
Lesley U.
Maureen helped complete the sale of my mom’s home. She went above and beyond to make sure it was all clear and that it didn’t feel too overwhelming. I highly recommend her office!
David S.
Maureen and her team are thorough and efficient. We felt very comfortable that our interests were taken care of. They make buying and selling real estate easy.
Donna C.
Maureen Friesen is incredible. She is very professional, knowledgeable, and personable. Maureen spent much more time with me than the job required to make sure I completely understood my options. If you need the best I recommend Maureen.
Maureen F.
I’ve found Maureen Friesen’s notary services to be so professional we have used her for so many needs, divorce, a few home purchases and our Will She is always knowledgeable with the regulations and Laws. Also explains everything that we need. Totally recommend her. The office staff is also professional and helpful
Chaeleen H.
Invaluable knowledge! Will be back for myself and already recommended to friends and family. Thank you Maureen.
Justin A.
Interactions with all staff was courteous, their work was prompt, and with no mistakes. Very pleased with our experience.
Victor. K
I have used Mrs Friesen and her office for a multitude of legalities over 15 years now. I continue to use them as I have found them to be so professional, attention to details are second to none, and this entire office has my unequivocal trust.
Kathryn V.
I have used Maureen’s services many times since 2010 for everything from real estate transactions, wills, to power of attorney and more. Maureen has always taken the time to explain everything thoroughly and to bring to my attention things that I may not have thought of. Her staff have helped me with urgent matters which I am so grateful for. I will definitely be using this Notary’s office as long as they are open.
Andrew P.
I found my experience with Maureen and her staff to be excellent. They were attentive and had everything completed for our meeting even though the time period was short. Would recommend them for your Notary needs!!!
Kaden Z.
Great environment! Very friendly and professional. They will help with all your needs
Troy R.
Fantastic service, extremely knowledgeable and professional! Highly recommended!
Kyle K.
Amazing service and very friendly staff! They are super accommodating and always find time for me. Even on short notice. As a frequent customer, I always enjoy my time going there!
Angie C.
Absolutely the best. Professional and Experienced. We will going to her for our legal documentation in the near future.
Ann Z.
Absolutely professional, prompt, and pleasant! Am so glad I found this notary public near my home. I’ve used their services a few time and I know I’ll be back for more. They are my number one choice -and recommendation - for notary public.
Shelley Y.
We've used Maureen Friesen's services many times since 2003. We have always been well taken care.
Kim C.
We have used Maureen Friesen a couple of times. Latest with the sale of our house. The service is excellent and super helpful and friendly staff. We are happy to recommend them to everyone
Lissa M.
They were extremely awesome, very friendly and knowledgeable. Highly recommended them!!!
Jedy. P
The office staff are all friendly and helpful people. Working with Maureen sure made my task much easier, plus she made sure all a clients affairs are understandable to client. I would highly recommend her to people who need that service.
Sarah S.
The ladies in the office are wonderful. They expedited the sale of my house even with all the anomalies and were friendly and efficient. Would recommend to anyone needing a Notary :)
Cam L.
Thanks Maureen and team for all the professional help and kindness you have shown my sister and I in processing the sale of our mother’s home . You have helped my parents and my family for many years with all our will , POA and real estate transaction needs and we appreciate it !
Fallen M.
Receptionist was able to book me in right away. Very courteous, helpful and professional. Looking forward to my experience when I arrive for my appointment.
Liesa H.
Over the last 5 years, we have purchased and sold three homes as well as done our Will and POA through Maureen Friesen. We are extremely pleased with the attention to detail, quality of service, and professionalism that her office has provided us with through each transaction. We will continue to use her in the future and highly recommend this Notary to others.
Ellie K.
Not only very professional and efficient, but very kind after my husband died and I need a lot of help with legal matters. Thoroughly recommended.
Rob N.
My wife and I have used Maureen’s services on several occasions when selling and purchasing properties and she and her team have been friendly and professional. They have handled all our needs and everything has been completed efficiently.
Sean W.
More than happy to support. They were able to accommodate us very last minute and were such a great help! Highly recommended!
Jill O.
Maureen provides a welcoming experience and takes time to make sure you’re well informed and comfortable! That went a long way during the purchase of our first home and would highly recommend!
Corinne M.
Maureen is very helpful and thorough. She goes out of her way to get done what needs to be done in a very timely fashion. I have been coming to Maureen for over 30 years and never been let down.
Joy K.
Maureen is kind and personable and fantastic to work with. We have used her services with many complicated transitions. She is informative and though and doesn’t miss a thing! I am so impressed.
Debb R.
Maureen is fast efficient very thorough and most importantly very respectful. My mom started using her 20+ years ago and we keep coming back.
Shane. D
Maureen is a very knowledgeable and professional person who looks after your notary needs in an efficient and timely manner. When it comes to sensitive documents, Maureen takes the time to explain everything, making it make sense and offers recommendations to benefit you and your future. The staff are very friendly and eager to help with any questions you may have. I highly recommend Maureen!
Lesley U.
Maureen helped complete the sale of my mom’s home. She went above and beyond to make sure it was all clear and that it didn’t feel too overwhelming. I highly recommend her office!
David S.
Maureen and her team are thorough and efficient. We felt very comfortable that our interests were taken care of. They make buying and selling real estate easy.
Donna C.
Maureen Friesen is incredible. She is very professional, knowledgeable, and personable. Maureen spent much more time with me than the job required to make sure I completely understood my options. If you need the best I recommend Maureen.
Maureen F.
I’ve found Maureen Friesen’s notary services to be so professional we have used her for so many needs, divorce, a few home purchases and our Will She is always knowledgeable with the regulations and Laws. Also explains everything that we need. Totally recommend her. The office staff is also professional and helpful
Chaeleen H.
Invaluable knowledge! Will be back for myself and already recommended to friends and family. Thank you Maureen.
Justin A.
Interactions with all staff was courteous, their work was prompt, and with no mistakes. Very pleased with our experience.
Victor. K
I have used Mrs Friesen and her office for a multitude of legalities over 15 years now. I continue to use them as I have found them to be so professional, attention to details are second to none, and this entire office has my unequivocal trust.
Kathryn V.
I have used Maureen’s services many times since 2010 for everything from real estate transactions, wills, to power of attorney and more. Maureen has always taken the time to explain everything thoroughly and to bring to my attention things that I may not have thought of. Her staff have helped me with urgent matters which I am so grateful for. I will definitely be using this Notary’s office as long as they are open.
Andrew P.
I found my experience with Maureen and her staff to be excellent. They were attentive and had everything completed for our meeting even though the time period was short. Would recommend them for your Notary needs!!!
Kaden Z.
Great environment! Very friendly and professional. They will help with all your needs
Troy R.
Fantastic service, extremely knowledgeable and professional! Highly recommended!
Kyle K.
Amazing service and very friendly staff! They are super accommodating and always find time for me. Even on short notice. As a frequent customer, I always enjoy my time going there!
Angie C.
Absolutely the best. Professional and Experienced. We will going to her for our legal documentation in the near future.
Ann Z.
Absolutely professional, prompt, and pleasant! Am so glad I found this notary public near my home. I’ve used their services a few time and I know I’ll be back for more. They are my number one choice -and recommendation - for notary public.
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