Buying your first home is likely the largest purchase you’ll ever make and there’s a lot to know! If you have not owned a property in the province of B.C., you qualify for the First Time Home Buyers’ Program which reduces or eliminates the amount of property transfer tax you pay when you purchase your first home up to a certain threshold. If you do in fact qualify for the program, you may be eligible for either a full or partial exemption from the tax. Whether you’re in the market for a condo, townhome or house, knowing and understanding what goes into this type of purchase is the first step in owning your own home and this is our specialty. With over 10 years experience selling real estate to first time home buyers in the Greater Vancouver area, we provide step by step guidance from start to finish
Do you qualify for a full exemption?
- Must be a citizen of Canada or permanent resident
- Has lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
- Have never owned an interest in a principal residence anywhere in the world at any time
- Be located in B.C.
- Only be used as your principal residence
- Have a fair market value of: $475,000
- Be 0.5 hectares (1.24 acres) or smaller
Do you qualify for a partial exemption?
- Has a fair market value less than $500,000
- Is larger than 0.5 hectares
- Has another building on the property other than the principal residence