Many first time home buyer asked me about the first time home buyers’ program. I captured the following information from B. C. Home and hope this can answer most queries.
First Time Home Buyers’ Program
Introduced in 1994, 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.
|Please Note that the Property Transfer Tax First Time Home Buyers’ Program is not the same as the B.C. First-Time New Home Buyers’ Bonuswhich was announced February 21st in the 2012 Budget. Click here for further information on the B.C. First-Time New Home Buyers’ Bonus.|
For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000.
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 $450,000).
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. For a general overview of the eligibility criteria, please see the brochure, Property Transfer Tax and the First Time Home Buyers’ Program. For complete information on all of the eligibility criteria, please see:
- Bulletin PTT 004, First Time Home Buyers’ Program
- Guide to the First Time Home Buyers’ Program
- First Time Home Buyers’ Program – Follow Up
To claim the exemption you must file a First Time Home Buyers’ Property Transfer Tax Return (FIN 269) and the appropriate Land Title forms at the Land Title Office when you apply to register your property.
If a purchaser did not apply for the exemption when the transfer was originally registered at the Land Title office, but met all the FTHB eligibility criteria at that time, the purchaser may apply for a refund within the first 18 months from the date of the original registration. Please see How to File for more information.