First Time Home Buyers Property Transfer Tax Program Feb 22, 2017
February 22, 2017 | Posted by: Laurie Anne Faulkner
The First Time Home Buyers’ Program is designed to help British Columbians purchase their first home.
Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount.
For registrations on, or after, February
A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $525,000).
Do You Qualify?
To qualify for the First Time Home Buyers’ exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer.
If a purchaser did not apply for the exemption when the transfer was originally registered at the Land Title
For more information please go to the BC Government website links below:
Please call me if you have any questions 250-588-2288 – Laurie Anne Faulkner