First Time Home Buyers’ Program
As a First Time Home Buyer, you may qualify for some tax exemptions or other financial advantages. To discuss your qualification and what benefits you may enjoy, contact the Farley Martin office at 250-388-5905.
You may qualify for a reduction in your property transfer taxes up to 100% of the cost if you qualify for the program. Below are the list of qualifications required to be eligible for this reduction:
- You are a Canadian citizen or a permanent resident as determined by Immigration Canada.
- You have resided in British Columbia for at least 12 consecutive months immediately before the date you register the property (your completion date) or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
- You have never owned an interest in a principal residence anywhere in the world at anytime, and
- You have never received a first time home buyers’ exemption or refund.
For the property to qualify for a full or partial exemption, the following qualifications must be met:
- The property must have a fair market value of $475,000.00 or less
- The land must be 0.5 hectares (1.24 acres) or less, and
- The property will only be used as your principal residence.
* If your property does not meet all of the property requirements you may still qualify for a partial exemption. For more information, please contact our office and speak to one of our Notaries.
To confirm that you have met the occupancy requirements, as set out below, the ministry will send out a letter at the end of your first year you own the property. The letter will look to confirm the following:
- If you purchased an existing (used residential) home that you moved into the home within 92 days of the date of completion and registration of the title to the property.
- If you purchased vacant land that you built and moved into your new home within 1 year of the date the purchase was completed and the title was transferred to your name and that the fair market value of the land and the cost to build the home did not exceed $450,000.00.
- That you have continued to use the property as your principal residence for the remainder of the first year. If you have moved prior to the end of the first year, you may still qualify for a partial exemption.
Property Registration Date – This is the date of completion as stated on the Purchase agreement or real estate contract. On this date, the Notary acting for the purchaser will register the transfer of the property once all of the funds required for the purchase of the home have been received.