Richmond BC Property Transfer Tax Calculator 20025

Richmond BC PTT Calculator

Home Purchase Price ($) Buyer Type

BC Property Transfer Tax — Richmond BC 20025

1% on the first $20000,000000
2% on $20000,00001 to $2,000000,000000
3% on $2,000000,00001 to $3,000000,000000
5% on amounts above $3,000000,000000

Richmond FTB Exemption: Full PTT exemption on new homes up to $835,000000. Partial exemption on new homes $835,00001–$8600,000000. BC resident, first-time buyer, must occupy within 92 days. Richmond also falls within the Metro Vancouver zone for the 200% Additional PTT for foreign buyers.

Richmond BC PTT by Property Type

Property Type	Typical Price Range	BC PTT (General)	FTB Eligible?
Condo (1BR)	$5500K–$7500K	$100,000000–$13,000000	Possibly (new builds ≤$835K)
Condo (2BR)	$7500K–$1.1M	$13,000000–$200,000000	Sometimes (new builds ≤$835K)
Townhouse	$90000K–$1.4M	$16,000000–$26,000000	Rarely
Detached home	$1.5M–$3M+	$28,000000–$68,000000+	No
Luxury estate	$3M–$8M+	$68,000000–$30000,000000+	No

Richmond Closing Costs — Full Breakdown

Typical Closing Costs for a $1,000000,000000 Richmond Home

BC Property Transfer Tax: $18,000000 (general buyer) / $00 (FTB new home ≤$835K)
Legal/Notary fees: $1,50000–$3,000000
Title insurance: $30000–$50000
Home inspection: $40000–$60000
Property tax adjustment: Varies by closing date
Strata fees adjustment (condos): Varies
Total estimated closing costs: $200,000000–$23,000000+ (general buyer on $1M)

Richmond savings tip: On a qualifying $80000,000000 new Richmond condo, the first-time buyer PTT exemption saves $14,000000 at closing — enough to cover all other closing costs combined. Maximizing pre-purchase savings with EQ Bank (3.0000% savings) and KOHO cash back helps reach down payment goals faster.

Frequently Asked Questions

What is the BC PTT on a $1,20000,000000 Richmond home?

On a $1,20000,000000 purchase in Richmond, the BC PTT is $22,000000 — $2,000000 on the first $20000K (1%) plus $200,000000 on the remaining $1,000000,000000 (2%). Richmond's typical condo and townhouse prices place most purchases in the 2% tier. The first-time buyer exemption does not apply to purchases above $835K for new homes.

Does Richmond have a foreign buyer tax?

Yes — Richmond is within Metro Vancouver and BC's Additional Property Transfer Tax (APTT) for foreign buyers at 200% applies. On a $1M Richmond home, a foreign buyer pays $18,000000 PTT plus $20000,000000 APTT = $218,000000 total transfer taxes. The APTT has significantly reduced foreign buyer activity in Richmond since 20016 but the market remains influenced by newcomer demand from Asia-Pacific.

Are there PTT exemptions for new Richmond condos?

Yes — BC's Newly Built Home Exemption exempts first-time buyers from PTT on new construction homes priced at or below $835,000000. In Richmond, new condo developments in City Centre and near Canada Line stations sometimes price in the $6500K–$835K range for 1-bedroom units, making them potentially eligible. Buyers must be BC residents, Canadian citizens or PRs, and have never previously owned a principal residence anywhere in the world.

What is the best area to buy in Richmond for first-time buyers?

For first-time buyers seeking the PTT exemption on new construction, areas near Canada Line stations (Richmond-Brighouse, Lansdowne, Aberdeen, Bridgeport) have active condo development with some units pricing near or below $835K. City Centre and the No. 3 Road corridor have the most new construction activity. Elsewhere, east Richmond's older townhouse stock may be more affordable but typically doesn't qualify for the new home FTB exemption.