Property Transfer Tax (PTT)

What Is PTT?

The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

How Is It Calculated?

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.

Standard Calculator

The first calculator is what we call our standard calculator. This is to be used if the Buyer is not a First Time Home Buyer, or if they are purchasing a used home, not a new one.

Spagnuolo PTT Calculator

Property type

Tax on amount under $200,000

Tax on amount over $200,000 & up to $2,000,000

Tax on amount over $2,000,000 & up to $3,000,000

Tax on amount over $3,000,000

Total Tax

First Time Home Buyer Exemption

Spagnuolo First Time Home Buyers Exemption Calculator

The second calculator is to be used if the Buyer is a First Time Home Buyer. Just a reminder, a FTHB means the Buyer

  • Has never have owned an interest in a principal residence anywhere in the world at any time;
  • Is a citizen of or a permanent resident of Canada;
  • Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
  • Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;

  • If the fair market value of the property is:

    • a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;
    • a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;
    • a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and
    • no exemption for properties with a FMV over $860,000.

Spagnuolo First Time Home Buyers Exemption Calculator 2024 April

Exemption Amount

Tax Payable

Newly Built Home Buyer

Spagnuolo Newly Built Home Buyers Exemption Calculator

The third calculator is to be used if the Buyer is purchasing a Newly Built Home. To qualify for this exemption, the following criteria must be met:

The property must be newly built, as defined in the legislation

  • The Buyer must be an individual and a Canadian citizen or permanent resident;
  • The property must be used as the principal residence of the Buyer, who must move into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
  • The property must be 1.24 acres or smaller;
  • To receive the full exemption, the price for the home must be less than $1,100,000. A partial exemption is available for properties with a fair market value between $1,100,000 to $1,150,000.

Spagnuolo Newly Built Home Exemption Calculator 2024 April

Tax Payable

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