Thursday, April 19, 2012

Property Transfer Tax Exemption for First Time Home Buyers


To Qualify for the PTT Exemption a First Time Home Buyer must:
  • Be a Canadian Citizen or Permanent Resident
  • Have lived in BC for 12 consecutive months OR filed income tax returns for at least 2 of the last 6 years in BC
  • Never have owed an interest in a principal residence anywhere in the world; and
  • Never have previously received a First Time Home Buyers Exemption
  • 1.24 acres or smaller
  • You must move in within 92 days
  • You must stay for a year
If you qualify, on homes valued up to $425,000, a First Time Home Buyer will be exempt from paying Property Transfer Tax (a savings of $6,500 in PTT). The tax exemption diminishes on higher priced homes and is not available on any homes priced over $450,000.

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