In general, when you buy a property, you will pay a tax for purchasing the property. The tax is 1% on the first $200,000 and 2% on the remainder over that. Therefore on a $500,000 property you will pay $2000 plus $6000 for a total of $8000. You may get an exemption on paying this tax if you are a first time home buyer. The exemption usually occurs if your purchase price is less than $500,000 and you purchase a property in British Columbia. If the purchase price is between $500,000 and $525,000 there is a proportionate exemption and if the price is over $525,000 there is no exemption. Any questions regarding an exemption to this tax should be referred to your lawyer or notary.