First Time Home Buyers
All the details you need to understand the First Time Home Buyers' Program
Discover how you can reduce or eliminate the property transfer tax, take advantage of exemptions tailored to your unique situation, and benefit from a 5% down payment option for homes valued at $500,000 or less.
Understanding the Program:
The First Time Home Buyers' Program is a fantastic opportunity for eligible individuals to lessen the financial burden associated with property transfer tax. Whether you're aiming for a full or partial exemption, we're here to guide you through the process.
Who Qualifies?
To qualify for a full exemption, at the time of property registration, you must:
- Be a Canadian citizen or permanent resident.
- Meet residency requirements by having either:
- Lived in B.C. for at least one year immediately before the registration date.
- 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.
Additionally, the property must:
- Only be used as your principal residence.
- Have a fair market value of $500,000 or less (qualifying for a 5% down payment).
- Be 0.5 hectares (1.24 acres) or smaller.
For those who meet certain criteria, a partial exemption may be available 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.
How Does It Work?
- Consultation: Reach out to our experienced team for a personalized consultation to determine your eligibility and explore your exemption options.
- Property Selection: Explore our curated listings to find the perfect home that aligns with the program's criteria, with the added benefit of a 5% down payment for homes valued at $500,000 or less.
- Financing Support: Connect with our network of trusted mortgage professionals to secure financing that fits your budget.
- Guidance Through Registration: Our team will guide you through the property registration process, ensuring a seamless and stress-free experience.
Start Your Homeownership Journey Today!
If you have any questions or would like to find out if you qualify, don't hesitate to reach out to me!