What are the taxes, GST and closing costs on bare land in BC?

How is BC property transfer tax calculated?

It is charged once, on fair market value, at registration. General property transfer tax: 1% of fair market value up to and including $200,000; 2% of the value above $200,000 up to and including $2,000,000; 3% of the value above $2,000,000. A further 2% applies to residential property value above $3,000,000.

The arithmetic is short: the first $200,000 at 1% is $2,000 every time, and the balance is taxed at 2%. On $545,000 that balance yields $6,900, so the tax is $8,900; on $999,000 it yields $15,980, so the tax is $17,980. Nothing here reaches the $2,000,000 band.

Two exemptions come up. Neither helps here. The first time home buyers' exemption and the newly built home exemption are directed at homes; a bare lot with no dwelling does not qualify. Buyers should confirm with their conveyancer.

Does GST apply to a bare lot?

Yes, and it is the largest line after the price. The seller is a developer and the parcel has been subdivided into more than two parts — the case in which the Canada Revenue Agency treats a sale of vacant land as taxable. The Purchase Agreement says the price excludes GST, the purchaser pays it on completion, and the vendor remits it.

Five per cent of $545,000 is $27,250; of $999,000, $49,950. Every price on this site is quoted plus GST for that reason. A buyer registered for GST may be able to self-assess and report the tax on their own return instead of paying it to the vendor, but that turns on the registration and on what you plan to do with the land. Ask your accountant before you write the offer. As for PST: No provincial sales tax applies to real property in BC.

Can a non-Canadian buy a lot here?

The federal Prohibition on the Purchase of Residential Property by Non-Canadians Act took effect 1 January 2023 and has been extended to 1 January 2027. It does NOT apply to vacant land: the 27 March 2023 amendments repealed subsection 3(2) of the Regulations in its entirety, so non-Canadians may purchase vacant land, including land zoned residential or mixed use, provided it contains no dwelling.

The provincial rule is separate, and expensive. British Columbia adds a 20% additional property transfer tax on residential property purchased by a foreign national, foreign corporation or taxable trustee. It applies in the Capital Regional District, Fraser Valley Regional District, Metro Vancouver Regional District, Regional District of Central Okanagan and Regional District of Nanaimo. Bowen Island is inside Metro Vancouver and is expressly named in the list of areas. Twenty per cent of $545,000 is $109,000; on $999,000, $199,800. Whether it attaches to a lot with no dwelling is not settled on the government pages, so take legal advice first.

Does the Speculation and Vacancy Tax apply?

Speculation and Vacancy Tax: Does not apply on Bowen Island. Bowen Island Municipality is not on the list of taxable areas, and the province states that 'Islands that are accessible only by air or water are not part of the taxable areas, except for Vancouver Island.'

What does it cost to hold the lot each year?

Property tax and water. The 2026 rates come from Bowen Island Municipality Annual Tax Rates Bylaw No. 717, 2026 - adopted 27 April 2026, which fixes three levies on Class 1 residential property, per $1,000 of net taxable value:

Those are not the whole bill. Provincial school tax, BC Assessment, the Municipal Finance Authority levy and the police tax are collected separately and are not in Bylaw 717, so the total rate is higher. We could not confirm the full 2026 rate from a primary source, so no worked annual figure appears here.

Water is the other standing charge. Quarterly metered billing: $350 quarterly base rate plus a tiered volumetric charge of roughly $0.0038 to $0.0200 per imperial gallon depending on consumption; unconnected lots are billed $214 per quarter. An unbuilt lot pays the unconnected rate. A connection fee of $1,500 is payable before a building permit is issued; that is the 2021 figure in the Disclosure Statement, so confirm it.

How does the deposit work, and can I change my mind?

Amount: 10% of the purchase price. Due: Within 7 days after the Vendor accepts the offer. Held by: Singleton Urquhart Reynolds Vogel LLP, the Vendor's Solicitor, in trust. Interest: None - the deposit is held in a non-interest-bearing trust account.

Under section 21 of the Real Estate Development Marketing Act a purchaser may rescind the contract by serving written notice on the developer or the developer's brokerage within 7 days after the later of the date the contract was entered into and the date the purchaser received the Disclosure Statement. If a purchaser rescinds, the deposit must be returned promptly. Seven days is the window in which to confirm financing and have your lawyer read the title charges. The clock runs from the later of the contract date and the day you got the Disclosure Statement, so ask for it early.

Total cash to close, worked for two lots

Three things are left out on purpose. Legal and survey fees vary by firm and by whether a survey certificate is needed, and no verified typical figure is on our record, so get two quotes. The water connection fee falls later, at building-permit stage. A mortgage adds the lender's lawyer, an appraisal and registration of the charge.

What to do next

Take the total for the lot you want, add a legal quote and any lender costs, and check the number still works. Then ask for the Disclosure Statement, so the rescission clock runs while your professionals are reading.

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This is not an offer for sale. Any such offering may only be made with a disclosure statement. E.&O.E.