Province · Buying your first home in Canada
First-time home buyer programs in British Columbia
BC's Property Transfer Tax first-time buyer exemption is the anchor. Newly Built Home Exemption covers new construction. Vancouver's overlay of speculation and vacancy taxes affects who qualifies for principal residence exemptions.
$835,000
Full PTT exemption up to
$1,100,000
Newly Built Home Exemption up to
~$8,000 on $500K
Max PTT savings
Provincial programs
BC First Time Home Buyers' Program (Property Transfer Tax)
Full exemption on qualifying homes up to $835,000. Partial exemption from $835,000 to $860,000. Above $860,000 the exemption phases out.
Eligibility
- Canadian citizen or permanent resident
- Lived in BC for 12 consecutive months before registration, or filed at least two BC tax returns in the last six years
- Never owned an interest in a principal residence anywhere in the world
- Never received a first-time buyer exemption or refund in BC
- Must occupy as principal residence for at least one year
Form: Property Transfer Tax Return (FIN 579), filed by your lawyer/notary at registration
Newly Built Home Exemption
Reduces or eliminates Property Transfer Tax on newly constructed homes up to $1,100,000. Partial exemption to $1,150,000. Not limited to first-time buyers, but stacks with other federal programs.
Eligibility
- Home must be newly built and never previously occupied
- Must be principal residence within 92 days of registration
Form: Property Transfer Tax Return (FIN 579)
BC Home Owner Grant
Annual reduction of property taxes for principal residences. Not limited to first-time buyers but applies once you close. Up to $570 in Metro Vancouver, Fraser Valley, and Capital regions; up to $770 elsewhere.
Eligibility
- Canadian citizen or permanent resident of Canada
- BC resident
- Home is your principal residence
- Applied value below threshold
Form: Apply online through your municipality