BC Real Estate TaxesBC省房地产税务

Taxes at a glance

Tax 1

Goods and Services Tax (GST)

GST of 5% applies to newly built or substantially renovated homes, including condos. It generally does not apply to resale homes.

First-time buyer GST relief (new in 2026)

• Full relief on new homes up to $1,000,000 (up to $50,000 saved).
• Partial relief from $1,000,000 to $1,500,000, and none above $1,500,000.
• Applies to agreements signed from March 20, 2025 to 2030. Details are on our Current Policy page.

GST New Housing Rebate (all buyers)

• Primary residence only. Up to $6,300 on homes of $350,000 or less.
• The rebate shrinks between $350,000 and $450,000 and is zero above $450,000.
• It works together with the first-time buyer relief, which acts as a top-up.

Used homes

No GST on true resales. Exception: if the previous owner never lived in a newly built condo (kept it as an investment or empty), it can still count as a "new home", and GST may apply to your purchase. Ask your lawyer before you buy.

Tax 2

Property transfer tax (PTT)

A one-time tax paid at registration, based on the fair market value. Your lawyer or notary normally pays it for you at closing.

Example: a $1,500,000 home pays $2,000 + $26,000 = $28,000.

Exemptions

• First-time buyers: no tax on the first $500,000, saving up to $8,000. Homes of $835,000 or less qualify fully. The exemption shrinks between $835,000 and $860,000 and ends at $860,000. A home of $500,000 or less pays no PTT.
• Newly built homes: full exemption up to $1,100,000, phasing out to $1,150,000. You do not need to be a first-time buyer.
• Family transfers: some transfers between close family members qualify.

First-time buyer requirements: Canadian citizen or permanent resident, lived in BC for 12 months (or filed two BC tax returns in the last six years), never owned a home you lived in anywhere in the world, and you move in within 92 days. Your spouse must also qualify.

Tax 3

BC Home Flipping Tax

A provincial tax on profit when you sell, or assign a presale contract, within two years of buying. It applies to sales from January 1, 2025.

• 365 days or less: 20% of net profit.
• 366 to 729 days: the rate falls steadily to 0%. Selling at about 18 months is roughly 10%.
• 730 days or more: no tax.
• Presale assignments follow the same sliding scale.
• Primary residence deduction: up to $20,000 if you lived there and owned it at least 365 days.
• Exemptions: certain life events (divorce, serious illness, death, job relocation) and builders.
• Filing: a separate return within 90 days of the sale.

The federal rule also taxes gains on homes sold within 365 days as business income. See an accountant first.

Tax 4

Foreign buyer's additional property transfer tax

BC adds 20% to the PTT when foreign nationals or foreign corporations buy residential property in designated areas: Metro Vancouver, the Fraser Valley, the Capital Region, the Central Okanagan and Nanaimo.

• Based on the fair market value, on top of the regular PTT.
• Exemptions and refunds exist in limited cases, such as permanent residents and protected persons. Rules and time limits apply, so check with the province.
• Separate from the federal foreign buyer ban, which is scheduled to end January 1, 2027.

Tax 5

Speculation and vacancy tax (SVT)

An annual provincial tax in 59 BC communities, including Metro Vancouver, the Fraser Valley, Victoria area, Kelowna, Nanaimo, Abbotsford, Mission and Chilliwack.

• Exemptions: your principal residence; rental for at least 6 months a year (30-day minimum terms); medical or care reasons; major renovation; legal restrictions; death of the owner; a newly purchased home (first year).
• Everyone must declare every year, even if exempt. The deadline is March 31, and the tax is due in July.

Tax 6

Vancouver Empty Homes Tax

A City of Vancouver tax, separate from the provincial SVT. If you own in Vancouver you may owe both.

• Rate: 3% of the assessed value (Council lowered it from 5%).
• Vacant means not a principal residence or long-term rental for more than 6 months of the year.
• Exemptions include principal residence, rental for 6 months or more, medical reasons, renovations with permits, legal restrictions, owner's death and the first year after purchase.
• Declare every year in early February, even if exempt. The 2025 declaration was due February 3, 2026 and payment April 16, 2026.
• No declaration: the home is treated as vacant, taxed at the full rate, and a $250 ticket applies.

Example: a $2,000,000 vacant home owes $60,000. If rented for more than 6 months, there is no tax.

Declare at vancouver.ca/eht.

Tax 7

Additional school tax and Home Owner Grant

• Additional school tax applies to residential value above $3 million: 0.2% on $3M to $4M and 0.4% above $4M. From the 2027 tax year, these rise to 0.3% and 0.6%.
• Home Owner Grant: if the home is your principal residence, you can claim a grant (currently $570 for the regular grant) to reduce your annual property tax. Seniors, people with disabilities and some others may qualify for more.