Property Transfer Tax

 You pay property transfer tax each time you register a property at Land Title Office.  The tax is 1% on the first $200,000 and 2% on the balance of the purchase price. 

 The First Time Home Buyers Program

 What are the Requirements?

 Purchaser

 You qualify for the exemption if: 

   · You are a Canadian Citizen or a  Permanent Resident as  determined  by  Immigration Canada      

 · You have lived in BC for 12 consecutive months immediately before the date you register the property or you have filed 2 income tax returns as a BC resident during the 6 years before the date you register the property.

 · You have never owned an interest in principal residence any where the world at anytime

 · You have never received a first time home buyers exemption or refund

 Property

 The property you purchase qualifies if…

 · The fair market value of the property is not more than the current threshold of $425,000

 · The land is 0.5 hectares (1.25 Acres) or smaller

 · The property will only be used by your principle residence