PTT (sometimes called PPT) is a sales tax charged by the BC
Government on all transfers of Real Estate in BC.
- First time home buyers receive a break on this tax. They pay $0 of PTT on homes with a purchase price of $475,000 or less, but they pay full PTT on homes with a purchase price above $500,000.
- If two people buy a home together and one is eligible for the First Time Home Buyers’ Exemption and one is not, then transfer tax will be charged proportionately to their ownership shares.
- Homeowners who claim the First Time Home Buyers’ Exemption must live in the home for at least one year after purchasing it.
- All types of real estate pay the same PTT rate, whether the property is used, new, or vacant land.
- The PTT rate is based on 1% of the first $200,000 of price, and 2% thereafter
(except first time buyers purchasing below $500,000).
- Homes are not charged PTT on the GST component of the price, for sales where GST applies.