click ->PPT calculator and First-Time Homeowners Special Rate
(The Calculator is not to be relied upon for making actual PTT calculations or determinations, and subject to change without warning.)
PTT (sometimes called PPT) is a sales tax charged by the BC Government on all transfers of Real Estate in BC.
- First time homebuyers get a break on this tax. They pay $0 PTT on homes with a purchase price of $425,000 or less, but they pay full PTT on homes with a purchase price above $450,000.
- Further Example: If two people buy a home together, and one is eligible for the First Time Home Buyers Special rate, and one isn't, then tax will be charged proportionately to their ownership share.
- Homeowners who claim the First Time Homebuyers PTT 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 below $450,000).
- Homes are not charged PTT on the HST component of the price, for sales where HST or GST applies.