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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

Under $850,000 Price, there is a large rebate payable that reduces your net tax paid on new homes! To find out how much tax you’ll pay on new housing, enter the price in the BC new home HST calculator.

BC Home Builders Applaud HST Transition Rules (Feb 18, 2012 CBC News)
Controversial tax was rejected during referendum last summer... Download Article

Property Transfer Tax Rates

The amount of tax due depends on the fair market value of the property that is transferred:

• If the fair market value is $200,000 or less, the tax is 1% of the fair market value.
• If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.

For example:

• if fair market value of property is $150,000
  tax payable is: 1% of $150,000 = $1,500
  
  
• if fair market value of property is $250,000
  tax payable is: 1% of $200,000 = $2,000
  plus 2% of $50,000 = $1,000
  for total tax payable of $3,000

Property Transfer Tax

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.

For more information, please visit the BC government website. You may qualify for an exemption as a First Time Home Buyer!

http://www.sbr.gov.bc.ca/business/property_taxes/property_transfer_tax/ptt.htm

First Time Home Buyers' Program

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).

Click here for examples of Property Transfer Tax proportional exemption based on 100% interest transferring where the whole transaction is eligible and where only 50% is eligible.