How much is it?
The tax is charged at a rate of 1% on the first $200,000 of the fair market value of the property, and 2% on the rest.
For example, if the fair market value of the property is $150,000, the tax is 1% of $150,000 or $1,500.
First-time home buyers may be exempt from the PTT under the BC First Time Home Buyers' Program if they meet specific conditions, for example, the price of the home they buy is up to $475,000. There is a proportional exemption for homes between $475,000 and $500,000. At $5 million and above, the rebate is nil.
Qualifying buyers of new homes may be exempt from paying the PTT if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate.
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