For most residential properties, the property transfer tax rate is:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).

Generally most residential homes registered with land title office will use the transaction value or Fair Market Value as the basis to calculate the PTT.

For most homes registered with land title office and advertised for sale, the Fair Market Value is used. However, in some situations the Property Assessment Value may be used –for example: a Corporation does not advertise and transfers property in a non-open market.

In BC, the property transfer tax is paid by the person/company that the property is transferred to; In other words, the Buyer pays the PTT. A common question people ask is why the seller doesn’t contribute to the transfer tax. The answer is that they do….the seller paid the transfer tax when they originally bought the property. The confusion comes from internet articles based in the United States. In the US, depending on the state, sometimes the seller pays and sometimes the buyer pays; Fortunately it is much simpler in BC – the new owner pays the PTT.