Vancouver British Columbia Real Estate | Realtor-MIKE SHAFIE first time home buyers

First Time Home Buyer Exemption

February 20th, 2008

The qualifications for the exemption have changed. A first time home buyer can now qualify for a full exemption with a purchase price of up to $425,000.00 (previously $375,000.00).

A partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00.

Also, there is no longer a requirement to finance at least 70% of the purchase price or a restriction on making lump sum payments during the first year.

For more information, go directly to the BC Government Web Page

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 complete information on all of the eligibility criteria, please see:

	Bulletin PTT 004, First Time Home Buyers' Program
	Instructions for Completion of the First Time Home Buyers' Tax Return
	First Time Home Buyer's 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.

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