Property Transfer Tax and Closing Costs When Buying in Burnaby (2026)

Want to calculate your exact numbers? Use the BC Property Transfer Tax calculator or the full closing cost estimator to model your purchase.

Looking to reduce these costs? See the first-time buyer programs guide — the BC PTT exemption and federal FHSA can offset a significant portion of what this post covers.

The single most common surprise I see with buyers, especially first-timers, is the gap between the purchase price and the cash they actually need to close. People budget carefully for the down payment, then get blindsided by a five-figure tax bill and a stack of smaller costs nobody warned them about.

None of this is hidden. It is just rarely explained clearly before someone is already in an accepted offer. So here is the plain version of what it costs to close on a Burnaby home in 2026, starting with the big one.

Property transfer tax: the cost buyers underestimate most

British Columbia charges a property transfer tax (PTT) every time a property changes hands, and you pay it at closing. The rates are tiered: 1 percent on the first $200,000 of the purchase price, 2 percent on the portion from $200,000 to $2 million, 3 percent on the portion above $2 million, and a further 2 percent on the residential portion above $3 million.

Here is why it stings. On a $900,000 Burnaby home, the PTT works out to roughly $16,000: 1 percent of the first $200,000 ($2,000) plus 2 percent of the next $700,000 ($14,000). That figure is an illustration of the rate math above; confirm your exact amount with your notary or lawyer. That is a real five-figure cost, due at closing, on top of your down payment. Budget for it from the start.

The exemptions that can erase it

The good news is that two provincial exemptions can reduce or eliminate the PTT, and a lot of buyers do not realize they qualify.

The first-time home buyers' exemption gives a full PTT exemption on a home with a fair market value of $835,000 or less, with a partial exemption between $835,000 and $860,000. To qualify you generally must be a Canadian citizen or permanent resident, have lived in BC for at least a year (or filed income tax as a BC resident recently), and have never owned a principal residence anywhere.

Separately, the newly built home exemption gives a full exemption on a newly built home valued up to $1,100,000, with a partial exemption to $1,150,000. You do not need to be a first-time buyer to use it, which makes it relevant for downsizers and move-up buyers eyeing a new Brentwood or Metrotown condo. These thresholds are exactly why the price band a home falls into can change your closing costs by thousands of dollars.

GST: the one that catches new-build buyers

If you are buying a brand-new home, a presale condo, or a substantially renovated property, GST of 5 percent generally applies to the purchase price. On a resale home, it does not. This is a big enough number that it changes the comparison between a new tower unit and a similar resale unit nearby, and it is why I always ask new-build buyers whether the quoted price includes GST. On a $700,000 presale, 5 percent GST is $35,000, which dwarfs almost every other closing cost. Always confirm whether GST applies and whether any partial rebate is available for your situation.

The smaller costs that add up

Beyond the taxes, a Burnaby closing involves a handful of routine costs. None is huge on its own, but together they matter:

• Legal or notary fees to handle the conveyancing, typically a four-figure amount depending on complexity.
• A home inspection before you commit, and sometimes an appraisal if your lender requires one.
• Title insurance, usually a modest one-time cost.
• Adjustments at closing for prepaid property taxes and utilities the seller has already covered.
• For condos, a strata move-in fee and the cost of obtaining strata documents you should be reading anyway.

These are typical categories, not quoted prices. Your notary, lawyer, lender, and strata will confirm the actual amounts for your purchase.

A rough way to budget

When a buyer asks me how much cushion to set aside beyond the down payment, my general rule of thumb for a resale Burnaby home is to plan for closing costs in the low single-digit percentage of the purchase price, driven mostly by the property transfer tax, unless an exemption applies. For a new build, add 5 percent for GST unless a rebate or exemption changes the picture.

That is deliberately a planning range, not a quote. The exact number swings on price, whether you qualify for an exemption, and whether GST applies. The point is simply this: do the math before you write an offer, not after, so the cash-to-close figure is never a surprise. If you want to model the tax precisely, the Burnaby property transfer tax calculator on this site runs the tiered rates for you.

Why I walk every buyer through this early

I bring closing costs up in the first serious conversation, not the week before completion, because the number affects what you can actually afford. A buyer who thinks they can stretch to a $850,000 home sometimes discovers that the PTT, legal fees, and moving costs push the real requirement past what they have, and it is far better to know that before falling in love with a listing.

It also affects strategy. Knowing the first-time buyer threshold sits at $835,000, or that the newly built exemption runs to $1,100,000, can genuinely shape which homes make sense to look at. The tax rules are not just a closing-day formality; they are part of the buying strategy from day one.

Key Takeaways

• BC's property transfer tax is tiered: 1% on the first $200,000, 2% to $2 million, 3% above that, plus 2% more on the residential portion over $3 million.
• The first-time home buyers' exemption is full up to $835,000 (partial to $860,000); the newly built home exemption is full up to $1,100,000 (partial to $1,150,000).
• GST of 5% generally applies to new builds and presales, but not resale homes, which can dwarf other closing costs.
• Smaller costs (legal/notary, inspection, appraisal, title insurance, adjustments, strata fees) add up and should be budgeted.
• Do the full cash-to-close math before writing an offer, since the tax rules can shape which homes make sense.

Frequently Asked Questions

How much is property transfer tax in BC?

BC's property transfer tax is 1% on the first $200,000, 2% on the portion from $200,000 to $2 million, 3% on the portion above $2 million, plus an additional 2% on the residential portion above $3 million. You pay it at closing, on top of your down payment.

Do first-time buyers pay property transfer tax in Burnaby?

Often not, or only partially. BC's first-time home buyers' exemption gives a full property transfer tax exemption on homes valued at $835,000 or less, with a partial exemption between $835,000 and $860,000, if you meet residency and ownership-history requirements. Many Burnaby first-timers qualify and save thousands at closing.

What is the newly built home exemption?

It is a provincial property transfer tax exemption for newly built homes, full up to $1,100,000 and partial between $1,100,000 and $1,150,000. Unlike the first-time buyer exemption, you need not be a first-time buyer, so downsizers and move-up buyers of new condos can use it too.

Do I pay GST when buying a home in Burnaby?

GST of 5% generally applies to brand-new homes, presale condos, and substantially renovated properties, but not to resale homes. On a presale it can be the largest single closing cost, so always confirm whether the quoted price includes GST and whether any partial rebate applies to your situation.

How much should I budget for closing costs in Burnaby?

For a resale home, plan for closing costs in the low single-digit percentage of the price, driven mostly by property transfer tax unless an exemption applies. For a new build, add 5% for GST unless a rebate applies. Treat this as a planning range and confirm with your notary.

What other closing costs are there besides the tax?

Expect legal or notary fees for conveyancing, a home inspection, possibly a lender-required appraisal, title insurance, and adjustments for prepaid property taxes and utilities. Condo buyers also face strata move-in fees and document costs. Individually small, together they add a meaningful amount to your cash to close.

When do I pay property transfer tax?

You pay property transfer tax at closing, when the property legally transfers to you. Your notary or lawyer collects it as part of the final statement of adjustments, alongside your down payment balance and other closing costs. It is not financed into your mortgage, so you need the cash available.

Can I add closing costs to my mortgage?

Generally no. Property transfer tax, legal fees, and most closing costs must be paid in cash at completion and cannot be rolled into the mortgage. That is why budgeting for them upfront matters so much; the down payment is only part of the cash you actually need to close.

Does the first-time buyer exemption apply to a $900,000 home?

No. The full first-time home buyers' exemption applies only up to $835,000, with a partial exemption to $860,000, so a $900,000 home falls outside it and the standard tax applies. This threshold is exactly why the price band you shop in can change your closing costs significantly.

How can I calculate my exact property transfer tax?

Run your purchase price through the tiered rates, or use the property transfer tax calculator on this site, which applies the 1%, 2%, and 3% bands automatically. For your precise cash-to-close figure, including any exemption or GST, confirm with your notary or lawyer before completion.

Sources

• Government of BC - Property Transfer Tax
• Government of BC - First-Time Home Buyers' Exemption Amounts
• Government of BC - Newly Built Home Exemption

Tax details sourced May 2026. Rates, thresholds, and eligibility change and depend on your situation. Confirm current figures with the Province of BC and your notary or lawyer before relying on them.

Work With Jersey Li

The buyers who do best know their full cash-to-close number before they fall in love with a listing. I walk every buyer through the tax and closing math early, so your budget is built on the real figure, not just the down payment.

Call or text Jersey Li at 604.942.7211, try the property transfer tax calculator, or get in touch to plan your purchase.