Kelowna Broker

February 20, 2008

Introduced in 1994, the First Time Home Buyers’ Program is designed to help British Columbians purchase their first home. Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount.

For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000. A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).

WHAT ARE THE REQUIREMENTS?

Purchaser
You qualify for the exemption if:

- you are a Canadian Citizen, or a permanent resident,
- 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.

Property
The property you purchase qualifies if:

- the fair market value of the property is not more than the current threshold of $425,000,
- 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.

For a printable PDF Brochure click here.

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