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Less PTT for many BC First Time Home Buyers
Many British Columbians buying their first home will pay less Property Transfer Tax. The B.C. government is increasing the threshold for the first-time home buyer’s exemption. The full exemption is available for properties with a purchase price of $475,000 or less and a proportionate exemption is available for properties with a purchase price between $475,000 and $500,000. There is no exemption on properties with a purchase price greater than these thresholds. This program can save British Columbians up to $7,500 when buying their first home.
FIRST TIME HOME BUYER’S PROGRAM
Do you qualify?
To qualify for a full exemption at the time the property is registered, you must:
- be a Canadian citizen or permanent resident
- have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
- have never owned an interest in a principal residence anywhere in the world at any time
- you have never received a first time home buyers’ exemption or refund
and the property must:
- be located in B.C.
- only be used as your principal residence
- have a fair market value of:
- be 0.5 hectares (1.24 acres) or smaller
$425,000 or less if registered on or before February 18, 2014, or
$475,000 or less if registered on or after February 19, 2014
If you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the tax.