Do all First Time Home Buyers Qualify for a Property Transfer Tax Exemption?

No – First time home buyers are only eligible for an exemption from the tax if the first time buyer:

  1. has not owned an interest in a principle residence anywhere in the world
  2. is a Canadian citizen or permanent resident
  3. has continuously resided in BC for at least one year prior to purchasing or filed at least 2 income tax returns as a BC resident during the last six years
  4. has not previously received this exemption or refund

In addition, the property being must:

  1. be used only as the principle residence
  2. have a fair market value of no more than $475,000
  3. be 0.5 hectares (1.24 acres) or smaller

Buyers should discuss these exemptions with their real estate lawyer, as a false declaration can result in a penalty of double the tax payable.

Contact us today at 250-762-5434 or lawyers@pihl.ca

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