Who is a First Time Home buyer?
One who has not owned a property in the province of British Columbia in turn which qualifies for the First Time Home Buyers' Program. The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home up to a certain threshold. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
Do you qualify for a full exemption?
- Be a Canadian citizen or permanent resident
- Have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
- Have never owned an interest in a principal residence anywhere in the world at any time
- Be located in B.C.
- Only be used as your principal residence
- Have a fair market value of: $475,000
- Be 0.5 hectares (1.24 acres) or smaller.
Do you qualify for a partial exemption?
- Has a fair market value less than:
- $500,000
- Is larger than 0.5 hectares
- Has another building on the property other than the principal residence.
What are the benefits of working with us?
- One of the top Real Estate Teams in Canada.
- REBGV Top 1% Realtor.
- Over 10+ years of experience selling Real Estate to First Time Buyers in the Greater Vancouver Area.
- Specialists in working with First Time Buyers.
- No money out of your pocket for expert negotiators, and step by step guidance in the process of buying a home, start to finish