What is the property transfer tax in BC?

The BC Property Transfer Tax is a one-time tax paid by the buyer at closing. The rate is one percent on the first $200,000, two percent on the portion from $200,000 to $2 million, three percent above $2 million, and an additional two percent on residential properties above $3 million. On a typical Victoria home priced at $900,000, the PTT would be around $16,000. For a full picture of what buyers pay at closing, see what buyers pay at closing in Victoria.

First-time buyers may qualify for a full or partial PTT exemption on purchases below a certain threshold. New construction may also qualify for a different exemption. Your lawyer or notary will confirm exactly what you owe before closing. Find a real estate agent in Victoria who can connect you with the right legal support.