Newly Built Home Exemption

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

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