Craig Johnston Personal Real Estate Corporation · Brokerage: Royal LePage Elite West
Coquitlam · Taxes
BC's Property Transfer Tax (PTT) is the largest closing-cost line item for most Coquitlam buyers. On a $1.5M Coquitlam purchase, PTT is $28,000. On a $3M purchase, PTT is $68,000. Here are the brackets, exemptions, and how to minimize.
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What is BC's property transfer tax?
BC's Property Transfer Tax (PTT) is the largest closing-cost line item for most Coquitlam buyers. On a $1.5M Coquitlam purchase, PTT is $28,000. Craig Johnston, Top 1% Team — Greater Vancouver REALTORS®, 2023–2025 and 47+ year Tri-Cities resident, can walk you through the local context. Free Strategy Call ends with a written one-page plan in 24 hours.
Taxes · Coquitlam
PTT is paid by the buyer to the BC Government at the time of property transfer (closing). It is calculated on the fair market value of the property using the published bracket schedule.
Maximum: $2,000.
Maximum on this bracket: $36,000. Plus the $2,000 from Bracket 1 = $38,000 max for a $2M purchase.
Add $30,000 to the prior brackets for a $3M purchase = $68,000 PTT.
Plus prior brackets. A $4M purchase = $68,000 + $50,000 = $118,000 PTT.
No PTT on the first $500,000 (worth up to $8,000) on qualifying purchases up to $835,000. Partial exemption $835,001 to $860,000. Above $860,000 no FTB exemption.
Full exemption on qualifying new builds up to $1,100,000; partial up to $1,150,000.
Additional 20% PTT applies to foreign nationals/foreign-controlled corporations purchasing residential in specified regions including Greater Vancouver. Coquitlam is included.
Craig Johnston is a 47-year Coquitlam resident and licensed REALTOR® at Royal LePage Elite West. Top 1% Team — Greater Vancouver REALTORS®, 2023–2025. Talk through your specific situation — no pressure, no obligation.
Property transfer tax is often a buyer’s largest closing cost, yet it catches many by surprise. Six points to demystify it.
Point
A one-time tax paid to the province when a property changes hands, calculated on the fair market value — usually the purchase price. It is separate from any annual property tax.
Point
The tax is tiered, applying different percentages to different portions of the value. Because the rate rises on higher tiers, the amount grows faster than the price on more expensive homes.
Point
Eligible first-time buyers may qualify for a full or partial exemption up to certain price thresholds. Whether you qualify is fact-specific, so confirm the current rules before assuming.
Point
A separate exemption may apply to eligible newly built homes up to a threshold. New and resale purchases can therefore carry very different transfer-tax outcomes.
Point
The buyer pays it, and it is collected at completion by your lawyer or notary. It must be paid in cash at closing, so it belongs in your down-payment planning.
Point
Certain purchasers, such as some foreign buyers in specified areas, may face an additional tax. If that could apply to you, confirm it early — the amounts are significant.
The practical takeaway is to treat property transfer tax as a real, upfront line in your buying budget rather than an afterthought, and to check early whether any exemption applies to you. For eligible first-time or new-home buyers the relief can be substantial, and knowing where you stand well before completion prevents an unwelcome surprise on closing day.
Rates, thresholds and exemptions here are set by the province and can change, and eligibility depends on your specific circumstances. Treat everything above as a general explanation rather than a calculation, and confirm the current figures and your eligibility with your lawyer or notary before you finalise your budget.
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First $200K × 1% = $2,000. Next $800K × 2% = $16,000. Total: $18,000 PTT.
Yes — PTT applies to all property transfers including new construction, unless an exemption applies.
No — the two PTT exemptions are mutually exclusive on the same purchase. You claim one or the other.
The exemption is allocated proportionally. If you (FTB) and your partner (not FTB) buy 50/50, you get half the exemption; your partner gets none.
Generally no — PTT is a capital cost added to the property's adjusted cost base. Reduces capital gains tax when you eventually sell, but not deducted on annual income.
At closing, as part of the lawyer's Statement of Adjustments. Lawyer remits to BC government.
Limited exemptions: principal residence transferred to spouse, related corporation transfers, certain inheritance situations. Confirm with a lawyer; most family transfers do trigger PTT.
Yes — PTT applies to all property transfers including vacant land.
Applies to foreign nationals or foreign-controlled corporations buying residential property in Greater Vancouver including Coquitlam. The 20% is on top of the standard PTT brackets — so a foreign buyer of a $1M Coquitlam home pays $18,000 (standard) + $200,000 (foreign) = $218,000 PTT.
Largest lever: first-time buyer exemption if eligible. Second lever: newly built home exemption for qualifying new construction up to $1.1M. Third: structure the purchase correctly (e.g., spouse who is FTB takes the share that maximizes exemption). Consult a tax accountant or real estate lawyer.
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