BUYING A HOME IN BC: TAXES, COSTS & RULES
The plain-language version — from a team that walks buyers through it every week
The sticker price is only most of the story. BC layers a few taxes and rules on top of every purchase, and knowing them ahead of time is the difference between a smooth completion day and an expensive surprise. Here's what to budget for.
PROPERTY TRANSFER TAX
Paid once, on completion day: 1% on the first $200,000 of the price, 2% on the portion up to $2 million, and 3% above that (plus a further 2% on residential value over $3 million). On a home at Campbell River's June 2026 benchmark of $680,900, that's about $11,600.
FIRST-TIME BUYER? YOU MAY SKIP MOST OF IT
Qualifying first-time buyers pay no property transfer tax on the first $500,000 when the home's fair market value is $835,000 or less (a partial break applies up to $860,000) — a saving of up to $8,000. The conditions: you must be a Canadian citizen or permanent resident, never have owned a principal residence anywhere in the world, move in within 92 days and live there for at least a year.
BUYING NEW? DIFFERENT BREAK, PLUS GST
Newly built homes carry 5% GST on top of the price — but qualifying buyers of new homes pay no property transfer tax up to $1,100,000 (partial exemption to $1,150,000), and you don't need to be a first-time buyer for this one.
THE 3-DAY RESCISSION PERIOD
BC buyers get three business days after an offer is accepted to walk away, no reason required — and the right can't be waived. Walking away isn't free, though: it costs 0.25% of the price (about $1,700 on a $680,900 home). Think of it as a safety net for inspections and financing, not a browsing pass — we plan your due diligence around it.
THE OTHER CLOSING COSTS
Budget for legal or notary fees, a home inspection, an appraisal if your lender requires one, title insurance, property tax adjustments and moving costs. A common rule of thumb is to set aside roughly 1.5%–4% of the purchase price on top of your down payment.
BUYING A STRATA? READ FIRST
Condos and townhomes come with a second layer of paperwork: the Form B, depreciation report, meeting minutes and bylaws reveal the building's finances, upcoming repairs and any rental, pet or age restrictions. We review these with every strata buyer — the real story is usually in the minutes.
FEDERAL HELP FOR FIRST-TIMERS
A First Home Savings Account lets you grow a down payment tax-free, the RRSP Home Buyers' Plan lets you borrow from your own retirement savings, and the First-Time Home Buyers' Tax Credit gives a little back at tax time. Your lender or accountant can help you stack them.
Rules and thresholds change, and every situation is different — treat this page as a friendly map, not legal or tax advice. Current details live at gov.bc.ca, and your lawyer, notary or accountant has the final word.
Questions about buying in Campbell River? Let's talk. Erika 250-202-1058 · Jenna 778-348-3599 · erika@erikahaley.ca
