First-time Homebuyers

First-time homebuyer’s may qualify for a full or partial exemption of the property transfer tax. The purchase price along with other criteria such as the following determines the amount of tax and eligibility requirements;

You:

• Must be a Canadian citizen or permanent resident status
• Must be a first-time buyer
• Must have resided in British Columbia for 12 months prior to the purchase
• Must never have owned a principle residence anywhere in the world in the past
• Full exemption for properties priced $425,000 or less (subject to change without notice)
• Partial exemption for properties priced $425,000-$450,000

See our Resources page for more information on Property Transfer Tax (PTT), joint tenant and tenants-in-common ownership, the Strata Property Act and non-resident clearance certificates.