By Sean Phillips, REALTOR®, Strand resident ·
Short answer: When you buy a condo in BC, you pay property transfer tax (PTT) when the title is registered: 1% on the first $200,000, 2% on the portion up to $2 million, 3% on the portion from $2 million to $3 million, and 5% above $3 million (for residential property). Eligible first-time buyers can be fully exempt on homes up to $835,000, and newly built homes can qualify for an exemption up to $1.1 million.
How the rates work
PTT is calculated on the fair market value of the property, usually the purchase price:
- 1% on the first $200,000
- 2% on the portion from $200,000 to $2,000,000
- 3% on the portion from $2,000,000 to $3,000,000
- 5% on residential value above $3,000,000
Example: a $600,000 condo
- 1% of $200,000 = $2,000
- 2% of $400,000 = $8,000
- Total PTT: about $10,000
First-time home buyer exemption
If you qualify as a first-time buyer, you can be fully exempt on a home valued at $835,000 or less, with a partial exemption up to $860,000. Eligibility requirements include being a Canadian citizen or permanent resident, having lived in BC for at least 12 months (or filed two BC tax returns in the last six years), never having owned a principal residence anywhere, and moving in within 92 days.
Newly built home exemption
A newly built home can qualify for a full exemption up to $1,100,000, with a partial exemption up to $1,150,000, if it will be your principal residence. You don't need to be a first-time buyer.
Second homes and investment condos
Exemptions generally don't apply to second homes or rentals, so budget for the full PTT. Foreign buyers may also pay an additional tax in certain regions, including the Central Okanagan. Vernon is in the North Okanagan, but always confirm your situation with your lawyer or notary.
When you pay it
Your lawyer or notary calculates PTT and pays it when your purchase is registered at the Land Title Office, usually on completion day. Include it in your closing budget along with legal fees and adjustments.
Frequently asked questions
How much is property transfer tax on a $500,000 condo in BC?
About $8,000: 1% of the first $200,000 ($2,000) plus 2% of the remaining $300,000 ($6,000), unless you qualify for an exemption.
Do first-time buyers pay property transfer tax in BC?
Eligible first-time buyers pay no PTT on homes valued at $835,000 or less, with a partial exemption up to $860,000.
When is BC property transfer tax paid?
It's paid when the transfer is registered at the Land Title Office, usually on completion day, through your lawyer or notary.
More guides to Okanagan Landing and The Strand
- How to Buy a Waterfront Condo in Vernon, BC: A Step-by-Step Guide
- Buying a Second Home in the Okanagan From Alberta: What to Know
- What Is a Form B Information Certificate in BC?
- The Strand Lakeside FAQ: 50 questions answered
Have a question about waterfront living in Vernon?
I'm Sean Phillips, a REALTOR® with Coldwell Banker Executives Realty. I live at The Strand in Okanagan Landing and specialise in Vernon-area waterfront condos. For current listings and recent sales, visit 7343okanaganlanding.ca.
Text Sean: 778-363-0542
Call or text Sarah, my 24/7 info line: 604-227-4810
This article is general information as of fall 2026, not legal, tax or financial advice. Rules, fees and conditions change, so always confirm details with the appropriate professional or authority before making a decision.
General information only, not legal, tax or financial advice. Confirm details for your situation with the appropriate professional.
