Calculate BC First Time Home Buyers PTT Exemption
This is from details on the Spagnuolo Law firm website.
Note: there is a first time home buyer exemption or partial exemption from PTT and there is a different PTT exemption or partial exemption based on the fact that the property is NEWLY built. More details here and as always check with your real estate lawyer to confirm the rules and regulations have not been changed before you start home shopping.
FTHB PTT exemption and partial exemption
Reminder: First time home buyer (FTHB) means the Buyer
- Has never have owned an interest in a principal residence anywhere in the world at any time;
- Is a citizen of or a permanent resident of Canada;
- Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
- Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
- If the fair market value of the property is:
– a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;
– a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;
– a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and
– no exemption for properties with a FMV over $860,000.
Read full details and calculate here
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Sincerely,
David Hennessey
REALTOR®
eXp Realty
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