General information only. Confirm your eligibility with your lawyer, notary or the B.C. Ministry of Finance.
First-time buyer PTT calculator
Enter a fair market value. The result is regular PTT, the first-time buyer exemption, and the amount payable, using only the rates and thresholds on this page.
Regular PTT
$10,000
First-time buyer exemption
$8,000
Amount payable
$2,000
First-time buyer exemption Amount payable
No tax on the first $500,000 when the home is worth $835,000 or less, a saving of up to $8,000. Between $835,000 and $860,000 the exemption gets smaller. The line is the full exemption, before a partial ownership share.
What is BC property transfer tax?
Property transfer tax (PTT) is a one-time tax you pay when your purchase is registered at the Land Title Office. It's based on the property's fair market value on the day it's registered. It's not the same as the property tax your city bills you every year. Most of the time, your lawyer or notary files the PTT return and pays the tax for you as part of closing. (Province of B.C.: Property transfer tax)
2026 property transfer tax rates
| Portion of fair market value | Rate |
|---|---|
| First $200,000 | 1% |
| $200,000 to $2,000,000 | 2% |
| Above $2,000,000 | 3% |
| Residential value above $3,000,000 | a further 2% |
Foreign buyers also pay an additional property transfer tax. That's a separate rule. You can find the details on the Province's PTT page.
The first-time home buyers' exemption
Who may qualify
You may qualify if all of these are true (first time home buyers' program):
- You're a Canadian citizen or permanent resident.
- You've lived in B.C. for the 12 months right before the home is registered, or you've filed two B.C. income tax returns in the last six years.
- You've never owned a principal residence anywhere in the world.
- You've never received this exemption or a first-time buyer refund before.
Which homes qualify
- It has to be your principal residence.
- The fair market value is $835,000 or less for the full exemption.
- The property is 0.5 hectares or smaller (larger lots get a reduced exemption).
- Only residential improvements count.
How much you could save
If the home is worth $835,000 or less, there's no tax on the first $500,000, which works out to a saving of up to $8,000. Between $835,000 and $860,000 the exemption gets smaller. It's $8,000 × ($860,000 − fair market value) ÷ $25,000. At $860,000 and above there's no first-time buyer exemption. (exemption amounts table)
Buying with someone who doesn't qualify
Only the share of the home owned by eligible buyers counts. If you buy 50/50 with a partner who has owned a home before, you get 50% of the exemption.
After you close
You need to move in within 92 days of registration and keep living there until the first anniversary. If you don't, you may have to pay back part of the exemption. There are also penalties for false declarations.
Forgot to claim it?
You can ask for a refund with form FIN 265, starting at the first anniversary of registration and up to 18 months after it, as long as you met all the conditions.
The newly built home exemption
You don't have to be a first-time buyer for this one. A newly built home can be fully exempt if its fair market value is $1,100,000 or less, with a partial exemption from $1,100,000 to $1,150,000. You need to be a citizen or permanent resident. It has to be the first registration of the home with a completed improvement, it has to be your principal residence, and the lot has to be 0.5 hectares or smaller. The same 92-day move-in and one-year occupancy rules apply, and the exemption code on the return is 49. For how the partial exemption is worked out, see the Province's newly built home exemption page.
Worked examples at Tri-Cities, BC price points
Prices below are illustrative only. They aren't average or benchmark prices for Coquitlam, Port Coquitlam or Port Moody. Each example assumes the buyer meets every condition.
- A. Resale condo, Port Coquitlam, first-time buyer$8,000
- B. Resale townhouse, Coquitlam, first-time buyer$8,000
- C. Resale townhouse, Port Moody, first-time buyer (partial zone)$3,200
- D. Same $850,000 home, 50% owned by a partner who has owned before$1,600
- E. Brand-new condo, Port Moody, newly built home exemption$19,000
- F. Resale house, Coquitlam, no exemptionnone
Example A · Port Coquitlam
Resale condo, first-time buyer
$600,000
- PTT before exemption
- $10,000
- Exemption
- $8,000
- PTT payable
- $2,000
Example B · Coquitlam
Resale townhouse, first-time buyer
$835,000
- PTT before exemption
- $14,700
- Exemption
- $8,000
- PTT payable
- $6,700
Example C · Port Moody
Resale townhouse, first-time buyer (partial zone)
$850,000
- PTT before exemption
- $15,000
- Exemption
- $3,200
- PTT payable
- $11,800
Example D · 50% eligible
Same $850,000 home, 50% owned by a partner who has owned before
$850,000
- PTT before exemption
- $15,000
- Exemption
- $1,600
- PTT payable
- $13,400
Example E · Port Moody
Brand-new condo, newly built home exemption
$1,050,000
- PTT before exemption
- $19,000
- Exemption
- $19,000
- PTT payable
- $0
Example F · Coquitlam
Resale house, no exemption
$1,300,000
- PTT before exemption
- $24,000
- Exemption
- none
- PTT payable
- $24,000
How the numbers work: on any price up to $2,000,000, PTT is $2,000 plus 2% of the amount over $200,000. For example C, the partial exemption is $8,000 × ($860,000 − $850,000) ÷ $25,000 = $3,200. Examples A and C match the Province's own exemption table.
Which exemption fits your situation?
First-time home buyers' exemption
- Who
- Citizens or PRs who've never owned a principal residence, with 12 months in B.C. (or 2 B.C. tax returns)
- Full exemption up to
- $835,000
- Partial exemption up to
- $860,000
- Most you could save
- $8,000
Newly built home exemption
- Who
- Citizens or PRs buying a newly built home as a principal residence, first-time buyer or not
- Full exemption up to
- $1,100,000
- Partial exemption up to
- $1,150,000
- Most you could save
- the full PTT on the home, if all conditions are met
Your lawyer or notary can confirm which one you're eligible for before you file.
Budgeting PTT into your closing costs
PTT is due when your purchase is registered, so plan for it with your other closing costs, not your down payment. The GST on new homes and the federal FHSA and RRSP Home Buyers' Plan are separate programs with their own rules. For the bigger picture, check out my guide to buying a home in Tri-Cities, BC and my first-time buyer guide for Tri-Cities, BC. If you're moving here from another province or country, the residency rules above really matter, so have a read of my relocating to Greater Vancouver guide too.
FAQ
How much is property transfer tax on a $700,000 home in BC?
$12,000 before any exemption. An eligible first-time buyer would pay $4,000.
What is the first-time buyer exemption limit in BC in 2026?
The full exemption applies to homes worth $835,000 or less. A partial exemption applies above $835,000 and under $860,000. (The older $500,000 and $525,000 limits applied before April 1, 2024.)
Do I pay PTT on a new condo in Coquitlam?
Possibly not. If the condo is newly built, worth $1,100,000 or less, and you meet the other conditions, the newly built home exemption may cover the full tax.
Can I use both exemptions?
You claim one exemption on the PTT return. If you applied under the first-time buyers' program and think the newly built home exemption fits better, you can contact the Ministry of Finance about switching.
My spouse owned a home before. Do I still qualify?
Your share can still qualify. The exemption is reduced to the percentage owned by eligible buyers.
I just moved to B.C. Can I claim it?
Only if you've lived in B.C. for the 12 months before registration (or filed two B.C. tax returns in the last six years) and you're a citizen or permanent resident. If you become a permanent resident within a year of registering, you may be able to apply for a refund.
When is PTT paid, and who handles it?
It's paid when the home is registered at the Land Title Office, and your lawyer or notary usually handles it.
What if I move out within the first year?
You may have to repay part of the exemption.
I forgot to claim it. Can I get a refund?
Yes, if you met the conditions. Apply with form FIN 265 between the first anniversary of registration and 18 months after it.
