Disclaimer: The information listed in this article is not exhaustive. This is for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Please contact us at 604 416 0211 or info@jurisnotary.com for more information.

What is the Property Transfer Tax?

Property Transfer Tax (“PTT”) is a British Columbia provincial tax, which is paid whenever you purchase or gain interest for a property registered at the Land Title Office.

Taxable Transaction Types

  • transfer of fee simple
  • right to purchase or agreement for sale
  • lease or lease modification agreements
  • life estate
  • foreclosure 
  • Crown grant
  • escheat, forfeiture or quit claim
  • transfer as a result of corporate reorganization

Tax Rate Exemptions Available

  • First-Time Home Buyer PPT Exemption
  • Newly Built Home Exemption
  • Additional (Foreign Buyer) Exemption

General PPT Calculation Overview

The PPT rate is calculated as follows:

  • 1% on the first $200,000,
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
  • 3% on the portion of the fair market value greater than $2,000,000

The Property Transfer Tax Act includes additional clauses when a property is classified as residential or residential mixed (e.g. residential and commercial). To read the full details on PPT, please click here.

When To Pay PTT

PPT is paid on the Completion Date, when the Seller receives the payment and the title to the property is officially transferred to the Buyer.

Completion Dates are negotiated and agreed by both the Seller and the Buyer, and can only occur from Monday to Friday, since the Land Title Office operates Monday to Friday. 

How to Get Prepared for PPT

Property transfers must be completed by a legal professional. At Juris Notary, we can help with the processing of your Property Purchase Tax. 

Homeowners and buyers are advised to review the latest B.C. property taxes informational updates here.

To calculate your estimated tax payable amount on a property, use our Juris Notary BC property transfer tax calculator here.

Juris Notary Can Help

Should you have any questions regarding the PPT for your principal residence, other residential properties, or about the land transfer services that a Notary Public can provide for you, feel free to contact us at 604.416.0211 or info@jurisnotary.com to speak with a legal representative today.