Those who buy or build new homes, or substantially renovate their homes, as of April 1, 2012 are eligible for a rebate of up to $42,500.00!
READ REPORT - Ministry of Finance
The amount of tax due depends on the fair market value of the property that is transferred:
You pay Property Transfer Tax when you purchase or acquire an interest in a property. The tax must be paid when you register changes to a certificate of title with the Land Title Office. For example, a change may include adding or deleting a name from the title.Property Transfer Tax is different from property tax. You pay property tax on an annual basis for services you receive from your local government, even if no money changes hands.
Introduced in 1994, the First Time Home Buyers' Program is designed to help British Columbians purchase their first home. Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount.
For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000.
A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).