First Time Home Buyers’ Program

You pay property transfer tax each time you register a property at the Land Title office. If you are purchasing your first home, you may qualify for an exemption from property transfer tax if certain requirements are met.

What are the requirements?

For the Purchaser

You qualify for the exemption if:

• you are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,

• you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia 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 buyers’ exemption or refund.

For the Property

The property you purchase qualifies if:

• it is located in B.C.,

• it has a fair market value of:

• - $475,000 or less if registered on or before February 21, 2017, or
  - $500,000 or less if registered on or after February 22, 2017,

• the land is 0.5 hectares (1.24 acres) or smaller, and

• the property will only be used as your principal residence.

If the property does not meet all of these requirements, you may still qualify for a partial exemption.

How do I apply for the exemption?

To apply for the First Time Home Buyers' Program, select or enter exemption code FTH on the Property Transfer Tax Return. After you have applied you must meet additional requirements during the first year you own the property to keep the tax exemption.

More information

The above provides general information on the First Time Home Buyers’ Program. For details on the program, please see First Time Home Buyers’ Program.

If you have any questions, please contact:

Telephone (Vancouver): 604-660-2421
Telephone (Victoria): 250-387-0604
Toll-free in Canada: 1-877-663-7867 (request a transfer to 250-387-0604)
E-mail: PTTENQ@gov.bc.ca

(source: Government of British Columbia)