What is PTT, HST and what is charged on a home purchase?
Harmonized Sales Tax (HST) is paid on the purchase of a new home. The current HST rate is 12%. HST is also paid on services relating to the purchase or sale of a home, such as commissions, moving costs, appraisals and legal fees. Property Transfer Tax (PTT) is a registration tax that applies to all property transfers and is paid to the Government of BC. The tax is 1% on the first $200,000 and 2% on the remainder. First-time home buyers may qualify for an exemption, depending on the purchase price of their home. Link to a detailed booklet is here.
