The tax is charged at a rate of: 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.
When you purchase or gain an interest in property that is registered at the Land Title Office, you're responsible for paying property transfer tax.
Taxable transactions include:
transfer of fee simple
right to purchase or agreement for sale
lease or lease modification agreements
life estate
foreclosure
Crown grant
escheat, forfeiture or quit claim
transfer as a result of corporate reorganization
You pay the tax based on the fair market value of the property at the date of registration, unless you qualify for an exemption.
If you’re a foreign entity or taxable trustee, you also pay the additional property transfer tax on residential property transfers within the Greater Vancouver Regional District.
Property transfer tax should not be confused with annual property taxes. Annual property taxes are paid yearly for each property you own or have a registered interest in to fund services in your area.
