Navigating property transfers can feel overwhelming, but understanding the available exemptions and incentives can make the process much smoother—and often more affordable. Whether you’re a first-time homebuyer, transferring a family farm, or looking into exemptions for newly built homes, there are valuable programs designed to reduce or eliminate the Property Transfer Tax for eligible individuals and transactions. Below, you’ll find a comprehensive list of exemptions and incentives that may apply to your unique situation, helping you make informed decisions and maximize your savings.

To determine if you’re eligible for a full exemption from the Property Transfer Tax under British Columbia’s First Time Home Buyers’ Program, you must meet specific criteria. These include being a Canadian citizen or permanent resident, having lived in B.C. for at least a year immediately before the property registration date, and never having owned a principal residence anywhere in the world. Additionally, the property must be your principal residence, have a fair market value of $835,000 or less (effective April 1, 2024), be 0.5 hectares (1.24 acres) or smaller, and contain only residential improvements.

Do I Qualify for a Partial Exemption?

If your property doesn’t meet all the criteria for a full exemption, you might still be eligible for a partial exemption. This applies if the property’s fair market value is more than $835,000 but less than $860,000 (effective April 1, 2024), is larger than 0.5 hectares, and/or has another building on the property other than the principal residence. The partial exemption reduces the amount of Property Transfer Tax you need to pay.

Apply for the First Time Home Buyers’ Program

To apply for the First Time Home Buyers’ Program, your legal professional will complete the Property Transfer Tax Return on your behalf, applying the exemption if you qualify. It’s essential to ensure all eligibility criteria are met at the time of property registration to benefit from the program.

Additional Requirements After You Apply

After applying, you must adhere to certain conditions to maintain your exemption. For existing homes, you need to move into your home within 92 days of the registration date and continuously occupy it as your principal residence for at least one year. If you built a new home on a vacant lot, you must build and move into your home within one year of the registration date and continue to occupy it as your principal residence for at least one year

First Time Home Buyers’ Program Refunds

If you qualified for the program but didn’t apply at the time of property registration, you might be eligible for a refund. Applications for refunds can be made from the first anniversary to 18 months after the registration date. To apply, complete the First Time Home Buyers’ Application for Refund (FIN 265) and submit it along with any required supporting documentation.

Other Helpful Links: 

• Property Transfer Tax Exemptions
• First Time Home Buyers’ Program
• First Time Home Buyers’ Exemption Amounts
• Newly Built Home Exemption
• Purpose-Built Rental Exemption
• Transfer of a Principal Residence
• Transfers in the Course of Subdivisions
• Transfer to Correct a Conveyance Error
• Exemptions for First Nations
• Transfer of a Recreational Residence
• Transferring a Family Farm
• Transfers to and from a Family Farm Corporation