1st time Home Buyer PTT Exemption

First Time Home Buyer’s Property Transfer Tax Exemption

To qualify as a first time homebuyer, the property being purchased must be the purchaser’s primary residence and the purchaser must:

  • have never owned property in which they resided, anywhere in the world;
  • be a Canadian Citizen or Permanent Resident of Canada (Note: If this status is obtained within a year after buying, the tax must be paid but can be refunded if applied for within 18 months of the registration date.);
  • have resided continuously in British Columbia for at least one year prior to the registration date or have filed income tax returns as a resident of British Columbia for two of the past six taxation years immediately prior to the registration date.
  • the total purchase price must not exceed $475,000. A decreasing partial tax exemption applies to properties valued between $475,000 and $500,000.

These are the basic qualifications at June 2014.  For a more detailed explanation regarding your specific circumstances please contact Ron Morin directly.


In the case of two first time buyers, consider only one of them going on title and the other guaranteeing the mortgage. This way the other might get the exemption on a subsequent purchase. An unregistered Title Transfer can be done between the two parties for estate planning and actual ownership confirmation purposes.