First Time Home Buyers in BC qualify for a rebate equal to the full amount of their property transfer tax up to a maximum purchase price of $500,000
To qualify for the BC First Time Buyers PTT Program, you must meet the following criteria.
- You must be a Canadian citizen or permanent resident
- You must have live in BC for 12 consecutive months immediately before you registered your property, or you must have filed 2 income tax returns in BC within the last 6 years
- You cannot have owned a home before (anywhere in the world). If you lie and the government finds out, which they will check, you will have to pay double
- You must intend to occupy the home as your principal residence and you must move into the property within 92 days after registration of title in your name, and you must occupy the property for 1 full year.
- The property must be small than .5 hectares (1.24 acres)
There is a full rebate of the property transfer tax amount up to a maximum home purchase price of $475,000
For home purchase prices between $475,001-$499,999 home buyers will only qualify for a partial rebate.
For purchase prices of $500,000 or more, there is no rebate available and the full tax amount will be due.