When you buy your first house or a condo in British Columbia, you may claim an exemption from Property Transfer Tax if you meet the following requirements:
The fair market value of the home is less than the threshold amount.
To qualify for a full exemption, at the time the property is registered it must:
You may qualify for a partial exemption from the tax if the property:
To qualify for the First Time Home Buyers’ exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer.
You qualify as a first time home buyer if:
If you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the tax.
If you are claiming an exemption or refund, you may be charged an amount equal to double the tax (the tax you owe plus a penalty equal to the exemption or refund you claimed) if you falsely declare:
The ministry will send you a letter at the end of the first year you own the property to confirm that you meet the requirements for occupancy.