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Do I qualify for an exemption?

To qualify for an exemption, at the time the property is registered you must:

• Be a Canadian citizen or permanent resident
• Have either:
• Lived in B.C. for at least a year immediately before the date you register the property
• Filed at least 2 income tax returns as a B.C. resident in the last 6 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 at any time
• Have never received a first time home buyers’ exemption or refund

And the property must:

• Only be used as your principal residence
• Have a fair market value of $835,000 or less (effective April 1, 2024)
• Be 0.5 hectares (1.24 acres) or smaller, and
• Contain only residential improvements

If all of the above requirements are met, then the purchaser will be exempt from property transfer tax on the first $500,000 of the purchase price of the property.

Note: If you purchase the home before April 1, 2024, to receive the full exemption, the fair market value must be $500,000 or less.