First Time Home Buyer’s Program – 2008 Feb Updated
If you are purchasing your first home, you may qualify for an exemption from property transfer tax. Certain requirements apply:
Purchaser Qualifications
-You are a Canadian citizen, or a permanent resident
-You have lived in BC for 12 consecutive months before the date you register the property, or you have filed 2 income tax returns as a BC resident during the 6 years before the date you register the property
-You have never owned an interest in a principal residence anywhere in the world at anytime and you have never received a first time home buyer’s exemption or refund
Property Qualifications
The purchase price is less than $425,000
The land is 1.24 acre or smaller
The property will only be used as your principal residence
Note: You may still qualify for a partial exemption if the property does not meet all these criteria
How to Apply
Apply for the exemption when you register the property at Land Title Office. Generally a lawyer registers the property and applies for the exemption on your behalf. If you did not register but you are eligible, you may still apply for the exemption within 18 months of the date you register the property.
For more information, visit https://www.sbr.gov.bc.ca/individual.html
Toll-free in Canada: 1800-663-7867 (request a transfer to 250 387-0604)
Filed under: FAQ
