As a home buyer, you might have to pay PTT (Property Transfer Tax)
If you are planning a move and are trying to calculate all the expenses you might have, don't forget that as a home buyer, you may be subject to a Property Transfer Tax. It's based on the purchase price of the property.
For complete details on PTT, CLICK HERE.
As there are many different situations (first-time home buyers, non-residents in BC, etc.), there may be a reduction or exemption in the PTT. However, for many home buyers, the Property Transfer Tax will be equal to 1% of the first $200,000 plus 2% of the amount from $200,001 to $2 Million plus any amount over $2,000,001 will be charged at 3%
Want a PTT calculator to make it simple? CLICK HERE
First-time home buyer? CLICK HERE
It's just another detail that you should budget for.