First time buyers are exempt from paying the property purchase tax under the following conditions:
1. Price of property purchased is $375,000 (Lower Mainland) or less.
2. Mortgage loan to value ratio is 70% or higher.
3. Mortgage term must be for one year or longer.
4. Mortgages must be arms length - mortgages held by parents do not qualify.
5. The maximum amount available for principal buydown of the mortgage is $11,000.
6. Buyers must not have owned a house anywhere in the world before. If only one client qualifies then
only their portion of the purchase will be eligible for the exemption.
7. Buyers must have been a resident of B.C. for at least one year prior to purchase.
8. Buyers must reside in the home for a minimum of one year following completion.
9. Exemption applies only on residential properties up to 1.24 acres.
Here are some examples of savings available to first time buyers under this program:
Price Savings
350,000 5000
325,000 4500
300,000 4000
275,000 3500
250,000 3000
200,000 2000
150,000 1500