Guide · Residential
What it costs to buy a home in BC
Closing costs are the bills on top of the price and down payment, and in BC the biggest is usually Property Transfer Tax: 1% on the first $200,000 of value, then 2% up to $2 million (per the BC government). Budget for these too. Property Transfer Tax is usually the biggest one, and the calculator below gives you a rough number. Also plan for legal or notary fees, an inspection, title insurance, moving and property tax adjustments.
BC Property Transfer Tax rates, as of Oct 2026
| Portion of fair market value | Rate |
|---|---|
| Up to $200,000 | 1% |
| $200,000 to $2,000,000 | 2% |
| Above $2,000,000 | 3% |
| Residential value above $3,000,000 (extra) | +2% |
Example: a $650,000 home pays about $11,000 ($2,000 + $9,000), per the province’s own calculation examples. Source: BC government. Exemptions (like first-time buyers) may lower it, so check before you budget.
General information, not tax or legal advice. The numbers here are illustrative. Talk to your lawyer and accountant before you act on them.
Property Transfer Tax
At the general rates, BC Property Transfer Tax is:
- 1% on the first $200,000,
- 2% on the portion from $200,000 to $2,000,000,
- 3% on the portion above $2,000,000,
- plus another 2% on the residential portion above $3,000,000.
First-time buyers, buyers of newly built homes and some others may qualify for an exemption. Check the current rules on the BC government site.
Property Transfer Tax estimate
General rates only. Exemptions are not included.
Estimated PTT: $18,000
Other costs
- Lawyer or notary fees and disbursements.
- Home inspection.
- Home insurance, and title insurance if your lender asks for it.
- Property tax and strata fee adjustments at completion.
- GST on newly built homes, with rebates for some buyers.
- Mortgage default insurance if your down payment is under 20%. The premium is usually added to the mortgage, and the PST on it is paid at completion.
- Moving costs, and a little extra for the things nobody remembers until moving day.
Questions people ask
How much is Property Transfer Tax on a $1,000,000 home in BC?
At the general rates, $18,000: 1% on the first $200,000 and 2% on the next $800,000. An exemption may reduce it.
Do I pay GST on a resale home?
Generally no. GST usually applies to newly built or substantially renovated homes.
When is Property Transfer Tax paid?
At completion, when the title is registered. Your lawyer or notary collects it as part of the closing funds.
Go deeper
If you’re looking for more details
First-time buyer and newly built exemptions
- First-time home buyers: no PTT on the first $500,000 for qualifying homes up to $835,000, with a partial exemption up to $860,000.
- Newly built homes: full exemption for a qualifying principal residence up to $1,100,000, partial up to $1,150,000.
These are the thresholds published by the Province as of 2026. Check the current rules before you count on them.
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