Property Transfer Tax Basics For Campbell River Buyers

Buying in Campbell River and trying to budget your closing costs? Property Transfer Tax is one line item that surprises many first-time buyers. With a little planning, you can understand what you might owe, whether you qualify for an exemption, and how to get the paperwork right the first time. In this guide, you’ll learn what PTT is, how it’s calculated in BC, common exemptions, and practical steps for a smooth closing in Strathcona. Let’s dive in.

What the property transfer tax is

Property Transfer Tax is a one-time provincial tax you pay when the ownership of real property is transferred in British Columbia. It is separate from annual property taxes and from federal GST/HST. The tax is payable when your transfer is registered at the Land Title Office, and your lawyer or notary will usually handle payment and the filing on your behalf.

You can review the official overview on the BC government’s Property Transfer Tax page for current rules and updates. The province’s guide is the best place to confirm details before you write an offer.

• Learn more: BC Government: Property Transfer Tax

How BC calculates PTT

PTT is based on the property’s fair market value at the time of transfer. BC uses tiered bands:

• 1% on the first $200,000 of value
• 2% on the portion greater than $200,000 up to $2,000,000
• 3% on the portion greater than $2,000,000
• For residential properties only, an additional 2% on the portion greater than $3,000,000

Here are simple examples to help you estimate:

• $350,000 purchase: $2,000 (1% of $200k) + $3,000 (2% of $150k) = $5,000
• $600,000 purchase: $2,000 (1% of $200k) + $8,000 (2% of $400k) = $10,000
• $1,200,000 purchase: $2,000 (1% of $200k) + $20,000 (2% of $1,000,000) = $22,000
• $3,500,000 residential purchase: $2,000 + $36,000 + $45,000 + $10,000 = $93,000

Note: these are illustrations only. Actual PTT is based on fair market value and any adjustments your lawyer applies at registration.

First-time buyer exemption

If you are buying your first home, you may qualify for full or partial relief.

• Full exemption if fair market value is $500,000 or less
• Partial exemption on fair market value between $500,000 and $525,000

Eligibility includes specific requirements around citizenship or residency, age, prior property ownership, and occupancy. If you are buying with another person, each buyer’s history matters. Your lawyer must file the exemption at registration, so plan ahead and gather the required documents early.

• Check requirements: First Time Home Buyers’ Exemption

Other exemptions and special rules

Beyond first-time buyers, there are exemptions that may apply in specific situations, such as transfers between spouses or common-law partners, transfers on death, gifts to certain public bodies or registered charities, family farm transfers, or some corporate reorganizations. Each has strict documentation and timing rules.

There is also a separate Additional Property Transfer Tax that can apply to residential purchases by foreign entities in designated regions of BC. The list of designated areas and the rate can change. Campbell River is in the Strathcona Regional District on Vancouver Island, so you should confirm whether this regional tax applies to your purchase before you remove subjects.

• Verify designated regions: Additional Property Transfer Tax
• Forms and filing details: PTT Forms and Documents

New builds: PTT vs GST

PTT is provincial and applies to most transfers. GST is federal and can apply to newly built or substantially renovated homes. You might encounter both on a new build. The CRA offers information on potential GST/HST new housing rebates if you qualify.

• Review rebates: CRA GST/HST New Housing Rebate

Closing costs to plan for

PTT is one part of your closing budget. Your lawyer or notary will outline the complete picture, but you should plan for:

• Property Transfer Tax (variable based on value and exemptions)
• Legal or notary fees and disbursements (often $800 to $2,000+ depending on complexity)
• Title insurance (commonly a few hundred dollars)
• Adjustments for property taxes and utilities
• Mortgage registration fee and possible appraisal
• Home inspection (often $400 to $700)
• GST on a new build, if applicable

Your lender usually requires confirmation that PTT has been paid or that your exemption is approved before releasing mortgage funds. Most lawyers require certified funds for closing costs, so arrange your banking in advance.

Who files and when

Your conveyancing lawyer or notary completes the property transfer tax return and files it with the Land Title Office at registration. If you are claiming an exemption, it needs to be documented at that time. Delays or missing paperwork can hold up your registration, so respond promptly to your lawyer’s requests.

• Learn about registration: Land Title and Survey Authority of BC

A Campbell River buyer checklist

Use this quick workflow to stay on track:

1. Estimate PTT early for your target price range and include it in your budget.
2. Review possible exemptions with your agent and lawyer before you write an offer.
3. Gather identification and any exemption documents for your lawyer well before closing.
4. Confirm with your lender how closing funds must be provided and when they are needed.
5. Verify whether the Additional Property Transfer Tax applies and whether GST applies for new builds.

Local context: Strathcona and price tiers

Campbell River sees a range of home values, from entry-level condos to waterfront and acreage properties. While ultra high-value sales are less common than in larger metro areas, the tiered PTT structure means your tax rises quickly above $2,000,000 and again above $3,000,000 for residential properties. If you are shopping at those levels, estimate carefully and confirm your numbers with your conveyancer.

Get local help, cut the stress

You do not have to decode PTT on your own. Our team helps you price in closing costs, confirm exemption eligibility, and coordinate with your lender and lawyer so registration goes smoothly. If you want a step-by-step overview of the buying process, ask us for our buyer’s guide and we’ll send it your way.

Ready to talk through your budget and timeline in Campbell River or nearby communities? Reach out to Sophie Gardner for calm, local guidance and a clear plan.

FAQs

What is BC’s Property Transfer Tax and when is it due?

• It is a provincial tax paid by the buyer at land title registration, typically handled by your lawyer or notary at closing.

How much PTT would I pay on a $600,000 Campbell River home?

• Using BC’s rate bands, the estimate is $10,000, though your final amount depends on the fair market value at transfer.

Do first-time buyers in Campbell River pay PTT?

• You may receive a full exemption up to $500,000 and a partial exemption up to $525,000 if you meet all eligibility rules.

Is there a foreign buyer tax in Campbell River?

• The Additional Property Transfer Tax applies only in designated regions, so always check the province’s current list before you buy.

Does GST apply on new homes in BC in addition to PTT?

• New or substantially renovated homes may be subject to federal GST, which is separate from PTT, and some buyers may qualify for a GST/HST rebate.

Who files the paperwork for my PTT and exemptions?

• Your conveyancing lawyer or notary completes the tax return and files any exemption claims with the Land Title Office at registration.