|Purchase Price of Home||Marginal Tax Rate|
British Columbia first-time homebuyer property transfer tax rebate6
First-time homebuyers are eligible to receive a full property transfer tax refund on homes purchased for up to $475,000. On homes purchased for between $476,001 – $499,999, the first-time homebuyer will be eligible for a partial refund equal to [ ($500K – fair market value) / $25K ] * LTT amount.
You can qualify for the first-time homebuyer property transfer tax rebate if:
- You are Canadian citizens or permanent residents as determined by Immigration Canada
- You have lived in British Columbia for 12 consecutive months prior to the date the property is registered or have filed 2 income taxes in British Columbia in the 6 years before the property is registered
- You have never owned an interest in a principal residence anywhere in the world at anytime
- You have never received a first-time homebuyers’ exemption or refund
Your property qualifies for the first-time homebuyer property transfer tax rebate if:
- The fair market value of the property is less than $475,000
- The land is (0.5) hectares or smaller
- The property will only be used as your primary residence
For more information, see the Government of British Columbia website.