For British Columbians looking to purchase their first home, the upfront costs are often the biggest barrier to making their dream of homeownership come true.
The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. This program can be used by first-time home buyers in conjunction with the B.C. Home Owner Mortgage and Equity Partnership.
If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
If one or more of the purchasers do not qualify, only the percentage of interest that the first-time home buyer(s) have in the property is eligible.
For example, if you qualify and purchase a property with a fair market value of $400,000 with a person that does not qualify, you still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.
Click on the links below to learn about the Housing Action programs and services you can access today.