When you purchase or gain an interest in property that is registered at the Land Title Office, you're responsible for paying property transfer tax and filing a property transfer tax return.
The property transfer tax rate is:
If the property is classified as residential and farm, or is residential mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
Use the property transfer tax calculator to estimate the tax you owe based on the fair market value of your property.
Note: The calculator doesn't calculate the further 2% tax on residential property greater than $3,000,000 or the additional property transfer tax on residential property transfers to foreign entities or taxable trustees. Use our Property Transfer Tax Calculator for Residential Property over $3,000,000 (PDF) to help you determine the tax amount owing.
If the fair market value of a property is $650,000, the tax paid is $11,000.
If the fair market value of a property classified entirely as residential is $4,500,000, the tax paid is $143,000.
Royal Pacific Realty Group
1200 W 73rd Ave Unit 100, Vancouver, BC V6P 6G5