How much Property Transfer Tax does a first-time buyer pay in BC?

Direct answer

BC's First Time Home Buyers' Program (Section 5 of the Property Transfer Tax Act) gives a full PTT exemption when the fair market value is at or under $500,000. From $500,000 to $835,000 you get a flat $8,000 reduction off the otherwise-payable PTT. Between $835,000 and $860,000 the $8,000 reduction phases out linearly. Above $860,000 a first-time buyer pays the full PTT with no exemption. Worked example on a $700,000 Surrey townhouse: standard PTT is 1% on the first $200K + 2% on the next $500K = $12,000; FTHB exemption knocks $8,000 off, so the buyer pays $4,000 instead. To qualify you must be a Canadian citizen or permanent resident, have lived in BC for ≥1 year, never have owned real estate anywhere in the world, and occupy the home as your principal residence within 92 days. If the home is partially occupied the exemption is prorated. Thresholds were raised April 1, 2024 — pre-April 2024 numbers no longer apply.