Pre-Sold Strata Unit

When you purchase a condo unit on the open market well in advance of the completion of the building, you will generally pay property transfer tax on the total amount you paid to acquire the property. The total amount includes any money paid for:

  • upgrades or additions, or
  • any other premium for assignment of a written agreement

You may transfer the right to purchase the property to a related individual (doesn't include brothers and sisters) before the property is registered at the Land Title Office without affecting the taxable amount. 

If the right to purchase is transferred to someone that isn't a related individual, they will need to pay tax based on the fair market value of the property at the time the right was transferred. 

This doesn't include bare land stratas.

If you’re a foreign national or foreign corporation and the pre-sold strata unit is located in the Greater Vancouver Regional District, you pay the additional property transfer tax in addition to the property transfer tax.

First Time Home Buyers

If you are purchasing your first home, you may qualify to reduce the amount of tax you need to pay.

When you apply for the First Time Home Buyers Program the fair market value for the property is the total amount you paid to acquire the pre-sold strata unit.

Contact Information

Telephone: 250 387-0604 (Victoria)
1 888 355-2700 (Toll-free in B.C.)
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