It's been very confusing with all the real estate tax changes here in BC. Below is a summary of what tax applies.

PTT - Property Transfer Tax is payable to the province of BC by purchasers of real estate. The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.

First Time Buyer Exemption - If a first time purchaser buys a primary residence for under $500k they will be exempt from PTT.

Newly Built Home Exemption - Buyers will be PTT exempt if brand new home purchase price is under $750k.

Foreign Buyers Tax - This is a 20% tax that is payable by anyone other than a Canadian citizen, permanent resident or a person registered under the Provincial Nominee Program. This tax applies to all properties in the Greater Vancouver Regional District, Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan and Regional District of Nanaimo.

GST - Only applies to brand new properties and is 5% of the purchase price. Some rebates apply if purchase price is under $450k.

Speculation Tax - This BC tax applies to anyone not residing in or renting out property (in urban centres above) for at least 6 months a year. In 2019 tax rates are moving to 2% to foreign investors, 1% for Canadian citizens, and .5% to BC residents. This is over and above your standard property taxes.