Home buying costs in British Columbia
Land transfer tax, registration fees and closing costs in British Columbia, calculated from the province's own published schedule.
Land transfer tax
The 5% top band is the 3% general rate plus the further 2% charged on the residential portion of value above $3,000,000. Non-residential property stays at 3% there.
| On the portion | Rate |
|---|---|
| $0 to $200,000 | 1.00% |
| $200,000 to $2,000,000 | 2.00% |
| $2,000,000 to $3,000,000 | 3.00% |
| Above $3,000,000 | 5.00% |
| Purchase price | Transfer tax |
|---|---|
| $400,000 | $6,000 |
| $650,000 | $11,000 |
| $900,000 | $16,000 |
| $1,200,000 | $22,000 |
Sales tax on the mortgage insurance premium
British Columbia charges no sales tax on the mortgage default insurance premium. Only Ontario, Quebec and Saskatchewan do.
First-time buyers
- First-time buyer exemption. Full exemption on the tax charged on the first $500,000 of value below an $835,000 price, phasing out by $860,000. Read the rules
- Newly built home exemption. Full exemption up to $1,100,000, phasing out by $1,150,000. Read the rules
Sales tax on a vehicle
British Columbia charges a provincial sales tax that rises above 7% on more expensive vehicles, so the figure here understates the tax on a luxury car. Check the current threshold before relying on it at a high price. A trade-in comes off the price before tax is charged. See the car payment calculator.
Work it out for your own purchase
Income tax differs by province too, and it changes what you actually have to spend far more than transfer tax does.
See what a salary comes to in British Columbia with Salary After Tax
Sources
- Property transfer tax · Province of British Columbia · checked