Property Transfer Tax – This is a government tax charged whenever a property is purchased:

1% of $200,000 and 2% of balance. Properties in excess of $2,000,000 are charged a 1% increase or 3%

A property tax exemption is given to first time buyers, up to $475,000 and a reduced rate up to $500,000. If a first time buyer owns 60% of the home, 60% of the tax amount would be eligible for the deduction.

A property tax exemption also applies to newly built homes, condos and townhomes under $750,000

Full Details and Restrictions View:

http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand