The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.
To qualify, the property must be newly built.
The buyer must be:
- an individual
- a Canadian citizen or permanent resident
- move into the property within 92 days after registration
- reside in the property for at least 1 year
and the property must:
- be located in B.C.
- only be used as your principal residence
- have a fair market value of $1,100,000 or less
- be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption, if the property:
- has a fair market value greater than $1,100,000 and less than $1,150,000