The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

If one or more of the purchasers don't qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

Do I Qualify?

To qualify for a full exemption, at the time the property is registered you must:

• be a Canadian citizen or permanent resident
• have 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 property
• have never received a first time home buyers' exemption or refund

and the property must:

• be located in B.C.
• only be used as your principal residence
• have a fair market value of:
• O to $525,000
• be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

has a fair market value less than:

• is larger than 0.5 hectares
• has another building on the property other than the principal residence.

Apply

To apply for the First Time Home Buyers' Program you need to complete the First Time

Home Buyers' Property Transfer Tax Return when you or your legal professional registers the property transfer.

After you have applied you must meet additional requirements during the first year you own the property to keep the tax exemption.

Please visit for further information:

visit: www2.gov.bc.ca and search for "First Time Home Buyers' Program"