The Property Transfer Tax (PTT) is a land registration tax paid by a property buyer or owner when a property title is registered at the Land Title and Survey Authority
The PTT is charged on the fair market value or a property at a rate of:
- 1% on the first $200.000
- 2% on the balance up to an including $2,000,000
- 3% on the balance greater than $2,000,000
If the property is transferred without money changing hands - for example, an inheritance, (known as an arm's length transaction) - the value is determined by an independent appraisal or BC Assessment.
Buyers of pre-sold strata units
will typically pay the PTT on the total consideration paid for the unit, not the fair market value on the date the title is registered. There are PTT exemptions for new homes (see below.)
Once a developer files a strata plan at the LTSA
, whoever registers the transfer pays the PTT.