What is the property transfer tax in BC and how does it affect buying in Kelowna?

The BC Property Transfer Tax is a one-time tax paid by buyers at closing. The rate is one percent on the first $200,000, two percent on the portion from $200,000 to $2 million, and three percent above $2 million. On a $700,000 home in Kelowna, the PTT is roughly $12,000. For a full picture of buyer closing costs, see what buyers pay at closing in Kelowna.

First-time buyers may qualify for a full or partial PTT exemption on purchases below a certain threshold. New construction can also qualify for an exemption. Your lawyer or notary will calculate the exact amount you owe and confirm any applicable exemptions before closing day. Find a real estate agent in Kelowna who can connect you with the right legal and tax guidance.