First Time Home Buyers' Program – BC

Last Updated: June 20, 2025
The First Time Home Buyers' Program reduces or eliminates the Property Transfer Tax when you purchase your first home.

✅ Eligibility Overview

You may be eligible for a full or partial exemption if you meet the criteria below. If multiple people are buying the home, only the qualifying buyer’s share will be exempt.

📌 Example:
If you acquire 60% of the property and your co-purchaser acquires 40%, but only you meet the qualifications — only your 60% qualifies for the exemption.

✅ Do I Qualify for a Full Exemption?

You must meet ALL the following requirements at the time the property is registered:

🧍‍♂️ Personal Requirements:

• Be a Canadian citizen or permanent resident

• AND one of the following:

  • Lived in BC for 12 months prior to registration date OR

  • Filed 2 BC income tax returns in the last 6 taxation years

❌ You must NOT have:

• Ever owned a principal residence anywhere in the world

• Ever received a First Time Home Buyer exemption or refund

🏡 Property Requirements:

• Used only as your principal residence

• Fair market value $835,000 or less (effective April 1, 2024)

• Property is 0.5 hectares (1.24 acres) or smaller

• Only contains residential improvements

📌 If qualified, you're exempt on the first $500,000 of the purchase price.

☑️ Do I Qualify for a Partial Exemption?

You may qualify for partial exemption if your home:

• Has a fair market value more than $835,000 but less than $860,000

• Is larger than 0.5 hectares

• Has additional buildings beyond your principal residence

📎 Use the official calculator or contact BC's tax office to determine the amount of partial exemption available.

📝 How to Apply

You apply at the time of property registration—typically done by your lawyer or notary during the completion process.

📌 After You Apply

You must:

• Occupy the home as your principal residence within 92 days of registration

• Live there for at least 1 year after that date

Failure to meet these conditions could result in the loss of the exemption and a tax repayment.

💸 Refunds & Other Notes

• Foreign entities and taxable trustees are NOT eligible.

• If you become a Canadian citizen or permanent resident within 1 year of registration, you may apply for a refund.

You can also inquire about a refund for any additional property transfer tax paid if you later meet eligibility criteria.

Jeffrey Sefton
Okanagan Home Team - Real Broker
okanaganrealestatesearch.com