What Is PTT?

The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

How Is It Calculated?

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.

Standard Calculator

The first calculator is what we call our standard calculator. This is to be used if the Buyer is not a First Time Home Buyer, or if they are purchasing a used home, not a new one.

First Time Home Buyer Exemption

Spagnuolo First Time Home Buyers Exemption Calculator

The second calculator is to be used if the Buyer is a First Time Home Buyer. Just a reminder, a FTHB means the Buyer

• Has never have owned an interest in a principal residence anywhere in the world at any time;

• Is a citizen of or a permanent resident of Canada;

• Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;

• Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;

• If the fair market value of the property is:

  • a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;

  • a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;

  • a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and

  • no exemption for properties with a FMV over $860,000.

Newly Built Home Buyer

Spagnuolo Newly Built Home Buyers Exemption Calculator

The third calculator is to be used if the Buyer is purchasing a Newly Built Home. To qualify for this exemption, the following criteria must be met:

The property must be newly built, as defined in the legislation

• The Buyer must be an individual and a Canadian citizen or permanent resident;

• The property must be used as the principal residence of the Buyer, who must move into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;

• The property must be 1.24 acres or smaller;

• To receive the full exemption, the price for the home must be less than $1,100,000. A partial exemption is available for properties with a fair market value between $1,100,000 to $1,150,000.

Sources, Coldest Night of Year

February 22, 2025

Raised: $220,728.00 to Date

HomeLife Benchmark Realty,

Supporting Sponsor

SOURCES has been promoting social wellness since 1978. Over time, services have expanded in the communities of White Rock, Surrey, Delta, Langley, Vancouver Island and Northern BC.

Providing people with food, clothing and shelter, connecting vulnerable persons to counselling and other community services.

Coldest Night of the Year 2025 – Family Friendly Event

• Once again, this year HomeLife Benchmark Realty is the Supporting Sponsor of this event in our community.

• Date: Saturday, February 22, 2025 – 3 pm to 6 pm. Walk starts at 4 pm

• Participants register to walk 2 km or 5 km – No fees

• Fundraising: Donations are directed to Sources Community Resources Society, South Surrey/White Rock, bringing hope to those in need, including food bank, homelessness prevention, and outreach services with a focus on youths. Last year, Sources purchased a new van to help individuals get to/from the services they needed.

• Where: Memorial Park, Marine Drive

• Meet You In Front of Train Station, under 2 HomeLife Tents for goodies, games and     face painting, plus at the ½ way mark with a 3rd tent for more.

• Donations: $20.00 tax deductible

• Hope to see you there!

Click the link below to make a donation on our personal fundraising page. Coldest Night is dear to our hearts, in particular to assist families living on our streets. Any small amount helps

https://secure.e2rm.com/registrant/FundraisingPage.aspx?registrationID=5462757&langPref=en-CA

Thanks very much!