PTT at nine Fraser Valley price points (before exemptions)
Pre-exemption PTT. Most first-time buyers and new-construction buyers reduce or eliminate this amount via the dedicated exemption programs.
| Purchase price | PTT before exemption |
|---|---|
| $300,000 | $4,000 |
| $500,000 | $8,000 |
| $700,000 | $12,000 |
| $835,000 | $14,700 |
| $900,000 | $16,000 |
| $1,100,000 | $20,000 |
| $1,500,000 | $28,000 |
| $2,000,000 | $38,000 |
| $3,000,000 | $68,000 |
What BC Property Transfer Tax is
BC Property Transfer Tax (PTT) is a one-time tax every buyer pays when title to a property changes hands. The Province collects it at the same time as the notary funds your purchase, and the amount flows from a four-bracket calculation based on the property's fair market value. The official rate schedule lives on gov.bc.ca. Two big exemptions reduce or eliminate the tax for many first-time and new-construction buyers — see the calculators for FTB exemption and newly built homes.
The four brackets, in plain English
- 1% on the first $200,000 of fair market value. A property at exactly $200K owes $2,000 of PTT.
- 2% on the portion of value between $200,000 and $2,000,000. A property at exactly $2M owes $2,000 (first bracket) plus $36,000 (2% of the $1.8M above), or $38,000 total.
- 3% on the portion of value between $2,000,000 and $3,000,000. Adds $30,000 of PTT on any $1M above $2M.
- 5% on the portion of fair market value above $3,000,000. The "luxury" tier. Applies to residential properties only above the $3M line.
The brackets compound on each other. PTT is not "5% of the total price"; it's the sum of each bracket's slice. The calculator above does the bracket math automatically and shows you which brackets the property touches.
A worked example at a typical Fraser Valley price
On an $800,000 Fraser Valley townhouse, the PTT calculation is:
- 1% on the first $200,000 = $2,000
- 2% on the next $600,000 (from $200K to $800K) = $12,000
- Total PTT = $14,000
That's the closing-day Province cheque before any exemption. First-time buyers under the $835K threshold get the full PTT wiped out (or nearly so) via the FTB exemption. Buyers of newly built homes under $1.1M get the full PTT wiped via the newly built exemption. Buyers in neither category pay the full $14,000.
When PTT actually has to be paid
On completion day. Your notary or lawyer collects PTT from you (or from the mortgage proceeds, depending on how the funding is structured) and remits it to the Province. There's no separate return to file in most cases — the notary handles the paperwork. If you're claiming an exemption, the notary files the exemption on the same form.
What's included in fair market value for PTT?
The Province uses the property's fair market value at the time the title transfers. For a normal arm's-length transaction, that's the purchase price. For non-arm's-length transactions (family transfers, gift transfers, transfers between spouses on separation, deceased estate transfers), the Province may use BC Assessment's most recent value, or require an independent appraisal. Most buyers we work with never encounter this — your purchase price is the fair market value.
Common things that surprise buyers about PTT
Three things we hear regularly.
It's not refundable. Once you pay PTT, it's paid. If you re-sell the property a week later, you don't get the PTT back. The exemptions apply at the time of purchase only.
It applies on pre-sale assignments too. If you bought a pre-sale condo from the original purchaser via assignment, the PTT is calculated on what you paid the assignor, not on what the original purchaser paid the developer. Some buyers miscalculate this and end up paying more PTT than they expected.
The luxury 5% bracket applies above $3M only on residential class. Commercial properties are taxed at different rates. For first-time and move-up buyers, this is rarely relevant, but it matters for buyers stretching into higher-end markets.
How to use this calculator
Plug the purchase price into the calculator above and you'll see the PTT broken down by bracket. If you're a first-time buyer or buying newly built, also run the dedicated exemption calculators to see how much of the PTT you can avoid. Most of the buyers we work with at FRIVE are eligible for at least partial exemption, and many for full exemption. Book a 20-minute chat with the FRIVE team if you want a second opinion on whether your purchase qualifies for either exemption.
Frequently asked questions
Is BC Property Transfer Tax the same as GST?
No. PTT is a provincial tax on the change of title. GST is a federal tax that applies primarily to newly built homes (resale homes are GST-exempt as used residential property). On a new construction purchase you may pay both PTT and GST. See our GST on new homes calculator for the federal side.
Do I pay PTT if I'm buying from a family member?
Usually yes. Family transfers are not automatically exempt. There are specific exemptions for related-party transfers (between spouses on separation, on death of joint tenant, certain transfers to family farm corporations), but a parent gifting a house to an adult child generally triggers PTT on the fair market value. Talk to a notary or BC tax lawyer before relying on any family-transfer exemption.
What's the foreign buyer tax and how does it interact with PTT?
BC's Additional Property Transfer Tax (commonly called the foreign buyer tax) adds 20% to PTT on residential purchases by foreign nationals in specified regions (including Metro Vancouver and the Fraser Valley). The federal foreign buyer ban (extended through 2026) restricts most foreign nationals from buying residential property at all. For Canadian citizens and permanent residents, neither rule applies.
Does PTT apply to bare land or vacant lots?
Yes. PTT applies to any change of title for real property in BC, including vacant land, bare land strata, and recreational property. The brackets are the same. The exemptions for first-time buyers and newly built homes apply only to residential property intended as a primary residence.
What if I'm buying a duplex or triplex?
PTT applies to the full fair market value of the property regardless of how many units. The first-time buyer exemption only applies if you'll occupy at least one of the units as your principal residence. For a duplex bought by a first-time buyer to live in one unit and rent the other, the exemption can still apply to the full property under specific conditions — confirm with your notary.
Does the calculator include the closing-day cash impact?
No, this calculator only shows PTT itself. To see the full closing-day cheque (PTT + legal fees + inspection + title + adjustments), use our cash to close calculator or the closing costs calculator.
Can I roll PTT into my mortgage?
Generally no. PTT is paid in cash at closing alongside other closing costs. Some lenders allow PTT to be added to a high-ratio mortgage under specific circumstances, but this is rare and not standard. Plan for PTT as out-of-pocket closing-day cash.
What changed with the BC PTT exemptions in April 2024?
On April 1, 2024 the Province raised the first-time buyer exemption threshold from $500K full / $525K phase-out to $835K full / $860K phase-out. The newly-built exemption threshold also rose from $750K full / $800K phase-out to $1.1M full / $1.15M phase-out. Those changes dramatically expanded which Fraser Valley properties qualify. See the dedicated FTB exemption and newly built calculators for the post-April-2024 math.
What's the PTT on a $1 million home?
On a $1,000,000 home, PTT is $2,000 (1% on first $200K) plus $16,000 (2% on the $800K above), or $18,000 total. A first-time buyer pays the full $18,000 (the FTB exemption phases out at $860K). A buyer of a newly built home pays $0 because $1M is under the $1.1M newly-built threshold.
What's the PTT on a $2 million home?
On a $2,000,000 home, PTT is $2,000 + $36,000 = $38,000. The third bracket only kicks in above $2M. The newly-built exemption is gone (phase-out ends at $1.15M). The FTB exemption is gone (phase-out ends at $860K). So a buyer at this level pays the full $38,000.
Sources
- Province of BC — Property Transfer Tax overview and rate schedule. gov.bc.ca/property-transfer-tax
- Province of BC — April 1, 2024 PTT exemption threshold changes. gov.bc.ca/first-time-home-buyers
- Province of BC — Additional Property Transfer Tax (foreign buyer tax). gov.bc.ca/additional-ptt
- FRIVE journal — Closing costs for a first home in the Fraser Valley. closing-costs-first-home-fraser-valley
