The Property Transfer Tax (P.T.T.) is calculated as follows;
1% on the first $200,000 and 2% on any amount in excess of $200,000.
The P.T.T. on a home purchased for $275,000 amounts to $3,500.
This tax is waived for a first time buyer who meets the following qualifications:

• You are buying your first home


• You are a Canadian Citizen


• You have been a British Columbia resident for 12 months or more
• Purchase price is no greater than $275,000


• Bank financing is in place for 70% or more of the purchase price


• Term of mortgage is 12 months or longer
• Property size is no greater than 1.25 acres


• Buyer will occupy the property within 92 days of purchase


• Buyer will live in the residence for a minimum of 12 months