Buying a home in British Columbia: land transfer tax, rebates and first-time buyer help

Land transfer tax or registration fees in British Columbia, worked examples, first-time buyer relief, federal help (FHSA, HBP) and down payment rules.

The big picture: what buying costs beyond the price

Buying a home involves a down payment, closing costs and then your mortgage payments. Closing costs are paid on the day you take possession and usually include a land transfer tax (or registration fees), your lawyer or notary, title insurance, adjustments for property taxes and utilities already paid by the seller, and a home inspection if you ordered one. Plan for them in cash: they cannot be added to a regular mortgage.

Land transfer tax and fees in British Columbia

British Columbia charges a property transfer tax (PTT) on the fair market value of the property, paid when the title is registered.

Part of the price	Rate
Up to $200,000	1%
Over $200,000 up to $2,000,000	2%
Over $2,000,000 up to $3,000,000	3%
Over $3,000,000	5%

The top rate is 3% above $2,000,000, plus a further 2% on the residential part above $3,000,000 (so 5% there).

Purchase price	Tax before relief	First-time buyer relief	You pay
$500,000	$8,000	–	$8,000
$700,000	$12,000	–	$12,000
$835,000	$14,700	–	$14,700

First-time home buyers’ exemption (registered on or after April 1, 2024)

Property worth $500,000 or less: the whole tax is exempted.
Over $500,000 and up to $835,000: an exemption of $8,000, so you pay the difference.
Between $835,000 and $860,000 the exemption is reduced in proportion; above $860,000 there is none.
You must be a Canadian citizen or permanent resident, have filed at least 2 income tax returns as a B.C. resident in the last 6 years, and never have owned an interest in a principal residence anywhere in the world.
The home must be your principal residence, and you must keep occupying it until at least the first anniversary of registration. Foreign entities and taxable trustees are not eligible.

Purchase price	Tax before relief	First-time buyer relief	You pay
$500,000	$8,000	$8,000	$0
$700,000	$12,000	$8,000	$4,000
$835,000	$14,700	$8,000	$6,700

Newly built homes have their own exemption: full exemption if the fair market value of the land plus the new home is $1,100,000 or less (title registered on or after April 1, 2024), phased out completely at $1,150,000, with occupancy required during the first year.

Also good to know

Foreign nationals, foreign corporations and taxable trustees pay an additional property transfer tax on the residential part of the property in specified areas of B.C.
If you sell a property you bought after December 31, 2024 soon after, the BC home flipping tax may apply.

Source: B.C.: Property transfer tax ↗, read on 2026-11-13.

Source: B.C.: Newly built home exemption ↗, read on 2026-11-13.

Source: B.C.: First time home buyers’ exemption amounts ↗, read on 2026-11-13.

Calculate your own case

Use the land transfer tax calculator with your price, and the mortgage calculator to see your monthly payment.

Federal help for first-time buyers

First Home Savings Account (FHSA): contributions are deductible like an RRSP and withdrawals to buy a first home are tax-free. You get $8,000 of room in the year you open your first account (lifetime limit $40,000). CRA page ↗
Home Buyers’ Plan (HBP): withdraw up to $60,000 from your RRSPs to buy a home and repay it over time without tax on the withdrawal. CRA page ↗
First-time home buyers’ GST/HST rebate on new homes: the GST is eliminated on a new home up to $1,000,000 and reduced between $1,000,000 and $1,500,000, saving up to $50,000. It generally applies to agreements of purchase and sale signed on or after March 20, 2025 and before 2031 (Bill C-4, Royal Assent March 12, 2026). Finance Canada ↗
Home Buyers’ Amount: a non-refundable tax credit based on up to $10,000 (so up to $1,500 of tax) when you buy a qualifying home. CRA page ↗

Down payment and insured mortgages

If you put down less than 20%, your mortgage must be insured (CMHC, Sagen or Canada Guaranty) and the premium is added to the mortgage. The minimum down payment is 5% of the first $500,000 of the price and 10% of the part between $500,000 and $1,500,000; homes above $1,500,000 require 20% down. First-time buyers and buyers of new homes can choose a 30-year amortization on an insured mortgage. The $1,500,000 cap and the 30-year amortization came into force on December 15, 2024 (Finance Canada release below); confirm the current terms with your lender.

Source: Finance Canada: mortgage reforms in force December 15, 2024 ↗, read on 2026-11-13.

Government platforms and next steps

Open an FHSA at your bank and start saving, if you have not already.
Get a mortgage pre-approval and calculate your closing costs with the calculators above.
Hire a lawyer (or notary) before you sign: they check the title, collect the tax and register the deed.
Claim your federal Home Buyers’ Amount on your next tax return.

All programs and benefits →