BC Property Transfer Tax for First-time home buyers in South Surrey

PTT in South Surrey

Property Transfer Tax in South Surrey follows the same provincial bracket structure as anywhere else in BC — 1% on the first $200,000, 2% on $200,000–$2,000,000, 3% on $2,000,000–$3,000,000, and 5% on any portion above $3,000,000. The total is paid by the buyer in cash on closing day, on top of mortgage default insurance and other closing costs. At South Surrey's representative neighbourhood price of $935,000, the gross PTT works out to $16,700 before any exemptions.

For a first-time home buyer in South Surrey, the FTHB exemption (raised April 1, 2024) is materially helpful: full exemption to $500,000 fair market value, fixed $8,000 reduction in the $500,000–$835,000 band, and a phase-out from $835,000 to $860,000. Above $860,000 no exemption is available.

Common questions — South Surrey

• How is the BC PTT calculated on a home in South Surrey?

  BC Property Transfer Tax is calculated marginally: 1% on the first $200,000 of fair market value, 2% on the portion from $200,000 to $2,000,000, 3% on the portion from $2,000,000 to $3,000,000, and 5% on any portion above $3,000,000 (residential class). The total is paid by the buyer in cash on closing day. South Surrey uses the same provincial bracket structure as the rest of BC — the location does not change the calculation, but it may change which exemptions apply (e.g. foreign-buyer additional PTT applies in five specified regional districts including Metro Vancouver, Capital, Fraser Valley, Nanaimo, and Central Okanagan).

• When do I pay PTT in South Surrey?

  PTT is paid in cash on closing day, separate from your mortgage. Your notary or lawyer will calculate the final amount on the Statement of Adjustments and disburse the payment to the Province of British Columbia from your closing-day deposit. PTT cannot be financed through CMHC default mortgage insurance — it must come out of your down-payment cash.

• Do I qualify for the FTHB exemption in South Surrey?

  To qualify for the BC First Time Home Buyer PTT exemption, you must (1) be a Canadian citizen or permanent resident, (2) have lived in BC for at least one year before the purchase OR have filed at least 2 BC income tax returns in the prior 6 years, (3) have never owned a registered interest in a principal residence anywhere in the world, (4) intend to occupy the home as your principal residence within 92 days of registration and remain for at least one full year. The exemption applies in South Surrey as anywhere else in BC. The exemption is a fixed $8,000 reduction in the $500,000–$835,000 band, full exemption to $500,000, and phase-out from $835,000 to $860,000.

Related

• · South Surrey area page
• · Buying a Home in BC — full guide
• · BC Property Transfer Tax — complete reference
• · PTT glossary entry
• · FTHB exemption glossary entry
• · Newly Built exemption glossary entry