What is BC's property transfer tax and how much will I pay?

When you buy a home in BC, you pay a Property Transfer Tax. The rate is 1 percent on the first $200,000, 2 percent on the portion up to $3 million, and 3 percent above that. On a $1.2 million home in Vancouver, the total tax is roughly $21,000. If you are buying as a foreign national, there are additional rules covered under whether non-residents can buy property in Vancouver.

First-time home buyers may qualify for a full or partial exemption. Newly built homes may also qualify for a separate exemption. Your agent and lawyer can confirm which exemptions apply to you. Find a Vancouver real estate agent who can walk you through all closing costs before you make an offer.