New Property Transfer Tax Exemption Rules
When you buy a home in BC you pay a property purchase transfer tax that equals 1% of the first $200,000 and 2% of the remainder. For example: If you bought a condo for $500,000 you would pay $8000. First time homebuyers were exempt from paying that tax up to a maximum of a $375,000 purchase price on a home. That maximum has now been increased to $425,000 and between $425,000-$450,000 the tax is pro-rated. After $450,000 you will have to pay the full tax.
For complete info on this tax and who qualifies for exemption click here