Here in BC, we have the Property Purchase tax or PPT for short which is applied on any purchase of a home in BC…it works out to 1% on the first $200,000 of the purchase price, then 2% on the remainder, and is due at closing.

First Time Buyers in BC are exempt up to $425,000, and a proportional exemption is available for purchase prices between $425,000 – $450,000, and no exemption is allowed on purchases over $450,000.

For further details click here.

Michael Anthony Lloyd

Tags: British Columbia, First time buyer, First time Home Buyer, Mortgage, Property Purchase tax