What is Property Transfer Tax and do I have to pay it?

• This tax is charged by the Provincial Government and is collected by your lawyer at closing.

• Each Province varies as to the amount but it is usually a percentage of the purchase price. For example in British Columbia, the amount the purchaser must pay is 1% of the first $200,000 and 2% of the balance.

• You are exempt from paying PTT in British Columbia if you have never previously owned a home anywhere. The maximum home price must not exceed $425,000.00 however there is a partial exemption up to $450,000.