Laneway home

The Property Transfer Tax (PTT) is a provincial tax now charged at a rate of:

  • 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, and
  • 3% on the portion of the fair market value greater than $2,000,000.

Exemptions

  • Resale homes – there is a PTT exemption for first-time buyers of resale homes priced up to $450,000 and a partial rebate on homes priced up $450,00 to $475,000.
  • Newly built homes – there is also a Newly Built Home Exemption for qualifying buyers of newly built homes or newly subdivided united priced up to $750,000. There is a partial exemption on newly built homes priced $750,000 to $800,000.

When you register your property title, you must pay the PTT, unless you qualify for exemptions.

Exemptions apply only to property owners who live in their home as their principal residence for a year after the purchase (relatives do not qualify). BC will share information with Revenue Canada to double-check whether the rules are being followed.

 

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