(778) 668-9320 scott.dawson@verico.ca

In British Columbia you pay Property Transfer Tax when you purchase or acquire an interest in a property. The tax must be paid when you register changes to a certificate of title with the Land Title Office.

The First Time Home Buyers’ Program was introduced in 1994 as a way to help British Columbians purchase their first home. Under the program eligible purchasers may qualify for an exemption from Property Transfer Tax. In most cases your lawyer or Notary will register the property and apply for the exemption on your behalf.

The purchase price threshold to be eligible for a full exemption is $425,000. A proportional exemption is provided for a purchase price up to $450,000.

What are the requirements?
As a 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.
  • You have never received a first time home buyers’ exemption or refund.
  • For more information visit BC’s Finance website.

    If you have any questions, please feel free to contact Scott Dawson by any of the methods below:

    Phone: (778) 668-9320

    Toll Free: 1 (888) 759-0190

    Email: scott.dawson@verico.ca

    Twitter: @sdd