You pay Property Transfer Tax when you purchase or acquire an interest in a property. The tax must be paid when you register changes to a certificate of title with the Land Title Office. For example, a change may include adding or deleting a name from the title.
Property Transfer Tax is different from property tax. You pay property tax on an annual basis for services you receive from your local government, even if no money changes handsExemptions - 1st time home Buyers that meet the following requirements;
•For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $475,000.
A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $500,000).
What's the difference between Assessed Value and Market Value?
What is the Foreign Buyer's tax?
In addition to the property transfer tax, if you are a foreign national, foreign corporation or taxable trustee, you must pay the additional property transfer tax on your proportionate share of a residential property transfer if the property is within specified areas of B.C.
Your proportionate share is the percentage of interest that you are registering on title with the Land Title Office. For example, if you are a foreign entity (foreign national or foreign corporation) acquiring a 70% interest in a property, you pay the additional property transfer tax on 70% acquired interest.
The current tax is 20%.
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What is the Vacancy Tax and Speculation Tax in Vancouver?
Vancouver Empty Homes Tax - Properties deemed empty will be subject to a tax of 1% of the property’s 2019 assessed taxable value.
BC Speculation Tax; For 2019 and subsequent years, the tax rate is:
The speculation and vacancy tax applies based on ownership as of December 31 each year.
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