Did you know that as part of British Columbia’s First Time Home Buyer’s (FTHB) program, you might be eligible to receive a full or partial exemption from the Property Transfer Tax? It’s a huge benefit, whether you are looking to buy a Condo for sale in Victoria, B.C. or if you’re looking to invest elsewhere, like in Tofino real estate, for example.
- You are a Canadian citizen or permanent resident;
- You have never received a First Time Home Buyers’ exemption or refund
Property Qualifications
Here are the requirements your property must meet in order to receive a full refund on the Property Transfer Tax:
- The property has a fair market value that does not exceed $500,000
- The land is equal to or less than 0.5 hectares (1.24 acres)
You can still receive a partial exemption if:
- The property has a fair market value of between $500,001-$524,999
- The land is greater than 0.5 hectares
Conclusion
Allow us the opportunity to alleviate any concerns you may have. You can give us a call, email, or fill out the form on our contact page so we can contact you. Have a good day! We hope to hear from you soon.
The warrior in you might make you want to call us right away, but the worrier in you might be looking for a catch because it sounds too good to be true. Well, in order to receive the exemption, you and your desired property must meet certain qualifications.
Your Qualifications
According to the B.C. Government, you are eligible to receive the exemption if you meet the following qualifications:
- You’ve either:
- Lived in BC for 12 consecutive months before the date the property is registered; OR
- You’ve filed 2 income tax returns as a BC resident in the last 6 years;
- You have never received a First Time Home Buyers’ exemption or refund
- Your property meets the exemption requirements as well
Here are the requirements your property must meet in order to receive a full refund on the Property Transfer Tax:
- The property has a fair market value that does not exceed $500,000
- The land is equal to or less than 0.5 hectares (1.24 acres)
- The property will be used as a principal residence
- The property has a fair market value of between $500,001-$524,999
- The land is greater than 0.5 hectares
- A portion of the land is used for commercial purposes or there are other homes on your land (only your primary residence is eligible)
You might be looking at those numbers and thinking “There is no way I can find something on any Victoria MLS for that price”. We can double-check that for you, but you should also know that there are many nearby, up-and-coming neighbourhoods that may be a better fit for your lifestyle. For instance, have you considered investing in Salt Spring Island real estate? How about in Cobble Hill real estate?
