If you’re buying your first home in British Columbia, you may qualify for the First-Time Home Buyers’ Program, which helps reduce or eliminate the Property Transfer Tax (PTT). This program can save you up to $8,000.

First-Time Home Buyers’ Program

Starting April 1, 2024, the program offers a full PTT exemption for homes with a fair market value of $835,000 or less. For properties valued between $835,000 and $885,000, buyers may receive a partial exemption. Homes above $885,000 do not qualify for this program. This increase from the previous $500,000 threshold reflects BC’s efforts to make housing more affordable amid rising real estate prices​.

Eligibility for the program requires buyers to meet these conditions:

1. You must be a Canadian citizen or permanent resident.
2. You must have never owned a principal residence anywhere in the world.
3. You must have lived in BC for at least 12 months or filed BC income taxes at least twice in the last 6 years.
4. The home must be used as your principal residence.
5. A lot size limit of 0.5 hectares (1.24 acres).

Eligibility and program specifics are available here.

How KC Notary & Co. can help

Navigating the First-Time Home Buyers’ Program can be complicated.  KC Notary & Co. can simplify the process for you. With our expertise in real estate transactions, we’ll help you confirm your eligibility, prepare the required documents, and ensure you maximize your savings.

Have questions or need assistance with your home purchase? Contact KC Notary & Co. today to schedule a consultation. Let KC Notary & Co. help make your first home purchase a smooth and stress-free experience!