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.
