First Time Home Buyers - Real Estate Vancouver
When you purchase a home in British Columbia, you pay a property transfer tax of 1% on the first $200,000, and 2% on the balance. First time home buyers are exempt from this tax provided they meet the following criteria:
- 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
- have never received a first time home buyers' exemption or refund
and the property must:
- be located in B.C.
- only be used as your principal residence
- $425,000 or less if registered on or before February 18, 2014, or
- $475,000 or less if registered on or after February 19, 2014
- be 0.5 hectares (1.24 acres) or smaller
Furthermore if you are purchasing the property with someone who isn't eligible - you only qualify for a proportionate amount of the exemption.
For full details on the exemption and exemption tables - follow his link: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers