As a first-time home buyer, you can benefit from an exemption of the Property Transfer Tax. In BC, almost every time a property changes hands, the Province collects this tax. This is not the same as property tax paid to your municipality for water, sewer, drainage, etc. The amount of this tax is 1% of the first $200,000 of your purchase price and 2% on the balance.

However, if you have never owned a home anywhere in the world as a primary residence and the property you will be buying is less than $425,000 and 0.5 ha in size, then you can qualify for an exemption for your interest in that property. This could save you up to $6,500 in closing costs!

For properties of value between $425,000 and $450,000; you may qualify for a partial exemption of the PTT.

There are restrictions to this exemption in that you must occupy the residence within 92 days of your completion and you must live there for a full year past your possession date. But certainly, Kam and his team will get you this exemption if you qualify.

Kam has posted some videos concerning a first-time home purchase.  They describe the sales process,  the Notary’s role in the transaction, the Statement of Adjustments as well as PTT.  To access these videos, please click HERE.