First Time Home Buyer's Program

The First Time Home Buyers' Program in British Columbia provides significant benefits to individuals purchasing their first home, primarily aimed at reducing the financial burden associated with acquiring real estate. Here are the key benefits of the program:

1. Property Transfer Tax Exemption:
   • Full Exemption: For homes valued at $835,000 or less, but less that $860,000 first-time homebuyers can receive a full exemption from the property transfer tax. (effective April 1, 2024)
   • is larger than 0.5 hectares and/or
   • has another building on the property other than the principle residence.
2. Reduced Financial Burden:
   • By saving on the property transfer tax, first-time buyers can allocate these funds towards other expenses such as down payments, renovations, or furniture, thereby easing the overall financial strain of purchasing a home.
3. Increased Accessibility:
   • These tax exemptions make home ownership more accessible to first-time buyers, potentially allowing them to enter the housing market sooner than they might have been able to otherwise.
4. Encouragement to Enter the Housing Market:
   • These incentives are designed to encourage more individuals to become homeowners, which can help stimulate the real estate market and contribute to the growth of local communities.

Eligibility for the program is based on several criteria, including residency status, never having owned property anywhere in the world, and the property being used as a principal residence within a year of purchase.To keep the tax exemption, you must have:

• Moved into your home within 92 days of the date the property was registered in land titles. 
• Continuously occupied the property as your principal residence up to the first anniversary of the registration date.
• You may keep part of the exemption if you moved out before the end of the first year.
  
  If you registered a vacant lot and built your own home that's affixed to the property, to keep the tax exemption:

• If the property was registered before April 1, 2024, the fair market value of the property at registration plus the cost to build your home must be less than $500,000 (or $525,000 for a partial exemption)
• If the property was registered on or after April 1, 2024, the fair market value of the property at registration plus the cost to build your home must be less than $835,000 (or $860,000 for a partial exemption)
• You must have built and moved into your home within the first anniversary from the registration date
• You must have continued to occupy the property as your principal residence to a date no earlier than the first anniversary of the registration date