The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.
For example, if you qualify and purchase a property with a fair market value of $400,000 with a person that doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.
To qualify for a full exemption, at the time the property is registered you must:
and the property must:
You may qualify for a partial exemption from the tax if the property:
Find out the amount of your exemption if you qualify.
If you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the tax. To apply for a refund call (250) 387-0604.
Below is the amount of tax payable if 100% of the property transfer is eligible for the First Time Home Buyer's Exemption.
Fair Market Value | Exemption Amount | Tax Payable |
Less than $475,000.00 | Full amount of tax normally due | $0 |
$475,000.00 | $7,500.00 | $0.00 |
$476,000.00 | $7,219.20 | $300.80 |
$477,000.00 | $6,936.80 | $603.20 |
$478,000.00 | $6,652.80 | $907.20 |
$479,000.00 | $6,367.20 | $1,212.80 |
$480,000.00 | $6,080.00 | $1,520.00 |
$481,000.00 | $5,791.20 | $1,828.80 |
$482,000.00 | $5,500.00 | $2,140.00 |
$483,000.00 | $5,208.80 | $2,451.20 |
$484,000.00 | $4,915.20 | $2,764.80 |
$485,000.00 | $4,620.00 | $3,080.00 |
$486,000.00 | $4,323.20 | $3,396.80 |
$487,000.00 | $4,024.80 | $3,715.20 |
$488,000.00 | $3,724.80 | $4,035.20 |
$489,000.00 | $3,423.20 | $4,356.80 |
$490,000.00 | $3,120.00 | $4,680.00 |
$491,000.00 | $2,815.20 | $5,004.80 |
$492,000.00 | $2,508.80 | $5,331.20 |
$493,000.00 | $2,200.80 | $5,659.20 |
$494,000.00 | $1,891.20 | $5,988.80 |
$495,000.00 | $1,580.00 | $6,320.00 |
$496,000.00 | $1,267.20 | $6,652.80 |
$497,000.00 | $952.80 | $6,987.20 |
$498,000.00 | $636.80 | $7,323.20 |
$499,000.00 | $319.20 | $7,660.80 |
$500,000.00 | $0 | $8,000.00 |
If only part of the property transfer is eligible (e.g. not all of the purchasers qualify), the exemption amount will be reduced. The amount of the exemption is reduced by the percentage of the property transfer that isn't eligible.
Below is the amount of tax payable if 50% of the property transfer is eligible for the First Time Home Buyer's Exemption.
Fair Market Value | Exemption Amount | Tax Payable |
$475,000.00 | $3,750.00 | $3,750.00 |
$476,000.00 | $3,609.60 | $3,910.40 |
$477,000.00 | $3,468.40 | $4,071.60 |
$478,000.00 | $3,326.40 | $4,233.60 |
$479,000.00 | $3,183.60 | $4.396.40 |
$480,000.00 | $3,040.00 | $4,560.00 |
$481,000.00 | $2,895.60 | $4,724.40 |
$482,000.00 | $2,750.40 | $4,889.60 |
$483,000.00 | $2,604.40 | $5,055.60 |
$484,000.00 | $2,457.60 | $5,222.40 |
$485,000.00 | $2,310.00 | $5,390.00 |
$486,000.00 | $2,161.60 | $5,558.40 |
$487,000.00 | $2,012.40 | $5,727.60 |
$488,000.00 | $1,862.40 | $5,897.60 |
$489,000.00 | $1,711.60 | $6,068.40 |
$490,000.00 | $1,560.00 | $6,240.00 |
$491,000.00 | $1,407.60 | $6,412.40 |
$492,000.00 | $1,254.40 | $6,585.60 |
$493,000.00 | $1,100.40 | $6,759.60 |
$494,000.00 | $945.60 | $6,934.40 |
$495,000.00 | $790.00 | $7,110.00 |
$496,000.00 | $633.60 | $7,286.40 |
$497,000.00 | $476.40 | $7,463.60 |
$498,000.00 | $318.40 | $7,641.60 |
$499,000.00 | $159.60 | $7,820.40 |
$500,000.00 | $0 | $8,000.00 |