FIRST TIME HOME BUYER

Are you dreaming of your first home? The First-Time Home Buyers' Program in Canada is designed to make your dream more achievable. This program aims to reduce or eliminate the property transfer tax when you purchase your first home, providing financial relief to first-time buyers. Here's what you need to know:

Qualifications:

To be eligible for a full exemption, you must:

● Be a Canadian citizen or permanent resident.
● Have lived in British Columbia for at least one year immediately before registering the property.
● Have filed at least two income tax returns as a B.C. resident in the last six taxation years immediately before the registration date.
● Have never owned a registered interest in a property that was your principal residence anywhere in the world.
● Have never received a first-time home buyers' exemption or refund. Property Requirements:

The property must:

● Only be used as your principal residence.
● Have a fair market value of $500,000 or less.
● Be 0.5 hectares (1.24 acres) or smaller.

Partial Exemption:

You may qualify for a partial exemption if the property:

● Has a fair market value less than $525,000.
● Is larger than 0.5 hectares.
● Has another building on the property other than the principal residence.

This program opens up new possibilities for first-time homebuyers, making homeownership more accessible.If you like a property and are a first time home buyer use our Fair Market Tool to get the potential value of the property.

If you meet the criteria, you could enjoy a full or partial exemption from the property transfer tax, easing the financial burden of your first home purchase. Let's turn your dream of homeownership into a reality!