How is Property Transfer Tax Calculated?

In British Columbia, a transfer of ownership of the property triggers property transfer tax. It is calculated as follows:

1% on first $200,000
2% on the remaining

For example, the property purchase price is $535,000

Your property transfer tax is 1% x $200,000 + 2% x ($353,000) = $9060

First time home buyers, since 2008 if purhcasing  an owner occupied home, up to purchasing price $425,000, a first time home buyer is excempt from paying the tax but will need to show having sufficient fund to close (1.5% of purchasing price).