Property Purchase Tax Exemption
The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
- Only be used as your principal residence
- Have a fair market value of $500,000 or less
- Be 0.5 hectares (1.24 acres) or smaller
- Be a Canadian Citizen or permanent Resident
- Lived in BC for previous year
- Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time