What if the home is just over the $835,000 first-time-buyer threshold?

Between $835,000 and $860,000 the exemption phases out proportionately, so you get partial relief. At $860,000 or above, it's gone entirely — which makes a small price difference worth negotiating hard when you're near the line.

Who pays BC's extra 20% foreign-buyer tax?

Foreign nationals, foreign corporations, and taxable trustees buying residential property in the specified areas — Metro Vancouver, the Fraser Valley, the Capital and Nanaimo regional districts, and the Central Okanagan. Canadian citizens and permanent residents never pay it, and note the federal ban on non-Canadian purchases runs to January 1, 2027 in any case.

Homeowner guide · British Columbia

Land transfer tax in British Columbia

British Columbia calls it property transfer tax: 1% on the first $200,000 of fair market value, 2% up to $2,000,000, 3% above that, plus a further 2% on the residential portion above $3,000,000 — about $14,000 on an $800,000 home. BC's first-time-buyer relief is the country's most generous: since April 2024, a full exemption of the tax on the first $500,000 for homes valued up to $835,000 (worth up to $8,000), and newly built homes are exempt up to $1,100,000 for buyers who will live in them. Foreign buyers in specified areas pay an additional 20%.

Property transfer tax on an $800,000 home: $14,000
First-time-buyer full-exemption ceiling since April 2024: $835,000
Newly built homes exempt to this value for owner-occupiers: $1.1M

What property transfer tax costs in BC

The tax is calculated on fair market value — normally the purchase price in an open-market sale — through the brackets: on an $800,000 Vancouver-area home that's 1% of $200,000 ($2,000) plus 2% of the remaining $600,000 ($12,000), for $14,000. The extra 2% above $3,000,000 applies only to the residential portion, taking the top marginal rate on expensive homes to 5%. Your lawyer or notary files the return and remits the tax when the transfer registers at the Land Title Office.

BC's first-time-buyer and newly-built exemptions

Since April 1, 2024, the First Time Home Buyers' Program exempts the tax on the first $500,000 of a qualifying home valued at up to $835,000 — a saving of up to $8,000, with a partial exemption phasing out at $860,000. On that $800,000 example, a first-time buyer pays $6,000 instead of $14,000. You must be a Canadian citizen or permanent resident, have lived in BC (or filed BC taxes) long enough to qualify, never have owned a principal residence anywhere, and move in promptly.

Separately, the Newly Built Home Exemption wipes out the tax on new construction valued up to $1,100,000 (partial to $1,150,000) — and it isn't limited to first-time buyers, only to buyers who will occupy the home as their principal residence. On a $1,000,000 new townhome, that's $18,000 kept in your pocket.

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Land transfer tax is one line on a closing bill that also includes legal fees, title insurance, and adjustments — and the rebates only help if someone remembers to claim them. Homeprint estimates your full closing bill for your province and city while you're still house-hunting, flags the first-time-buyer relief you qualify for, and keeps every closing document in one permanent vault from the day you get the keys.

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Land transfer tax in British Columbia — FAQ

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