The BC First Time Home Buyer program is designed to assist buyers as they enter their local real estate market.
The program reduces or eliminates the amount of property transfer tax paid on a home purchase.
The BC First Time Home Buyer Program offers a property tax exemption to eligible first time home buyers. The program has recently been updated to allow first time buyers the ability to qualify with an increased market value price for their first home.
To Qualify You Must:
- be a Canadian citizen or permanent resident
- have lived in BC for 12 consecutive months or filed at least 2 income tax returns as a BC resident in the last 6 years
- have never owned an interest in a principal residence anywhere in the world at any time
- have never received a first time home buyers’ exemption or refund
The Property Must:
- be located in BC
- only be used as your principal residence
- have a fair market value of $475,000 or less
- be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption if the property:
- has a fair market value of less than $500,000
- is larger than 0.5 hectares
- has another building on the property other than the principal residence
If you registered a vacant lot and built your own home, to keep the tax exemption:
- the fair market value of the land when you registered the property plus the cost to build your home must be $500,000 or less
- you must have built and moved into your home within 1 year of the date the property was registered
- you must have continued to occupy the property as your principal residence for the remainder of the year
How to Apply
To apply for the First Time Home Buyers’ Program you will need to complete the First Time Home Buyers’ Property Transfer Tax Return when you or your legal professional register the property transfer. Read The Complete Guide to the First Time Home Buyers’ Program.
If you are in the market for your first home, contact The Jane Hoffman Realty . Together, we’ll develop a home-buying plan designed to reflect your specific needs.
With our experience in the Kelowna real estate market, our full understanding of the First Time Home Buyers’ Program and our proven commitment to our clients, you can take comfort in this exciting life moment – buying your first home!
View Kelowna Homes up to $500,000 that could help you qualify for full or reduced property transfer tax exemption.