Property Transfer Tax - What is this?

Property transfer tax is a tax buyers pay the Provincial Government in BC on the purchase price of real estate. The rate is 1% on the first $200,000 and 2% on the balance. So if you purchase a property, your lawyer or notary is required to collect this amount from you and remit it to the Government. Lets say the purchase price of the property is $400,000, you would pay 1% on the first $200K or $2,000 and 2% or $4,000 on the next $200k for a total of $6,000. This tax has been in place since 1994 and it isn't likely to go anywhere. More info at www.sbr.gov.bc.ca