PTT (sometimes called PPT) is a sales tax charged by the BC Government on all transfers of Real Estate in BC.
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.
The partial exemption continues and will apply to homes valued between $475,000 and $500,000.
With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.
- 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 $475,000).
- Homes are not charged PTT on the HST component of the price, for sales where HST or GST applies.
Looking to Calculate a PTT Exemption?
Check out this great BC... Property Transfer Tax Exemption Calculator!