When you purchase a property in British Columbia that is registered at the Land Title Office, you are responsible for paying property transfer tax. You pay the tax based on the fair market value of the property at the date of registration.You are charged property transfer tax when you make changes to a property's title, including:
- acquiring a registered interest in the property
- gaining an additional registered interest in the property
- becoming the registered holder of a lease, life estate, or right to purchase for the property
- 1% on the first $200,000,
- 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
- 3% on the portion of the fair market value greater than $2,000,000.