What is the First Time Home Buyers' Program?

The most common exemption is through the First Time Home Buyers’ Program. To qualify for the property transfer tax exemption as a first time home buyer, these criteria must be met:

  • The purchaser must never have owned an interest in a principal residence.
  • The purchaser must be a citizen or a permanent resident of Canada and have resided in B.C. for at least one year prior to the purchase or have filed two income tax returns as a British Columbia resident within the last six years.
  • To obtain full exemption, the purchase price must not exceed $475,000. A partial exemption is available for homes between $475,000 and $500,000.
  • The purchaser must move into the property within 92 days after registration of the purchase of the property, and reside in the property for at least one year.

For details on this and other exemptions, go to the Government of BC’s page.