Your first home budget needs room for closing costs, too. BC’s First Time Home Buyers’ Program can reduce property transfer tax (PTT) by up to $8,000 for an eligible purchase. Here’s a starting point for your planning.
How much could you save?
For qualifying homes valued at $500,000 or less, the exemption can cover all the PTT. Above $500,000 and up to $835,000, it covers the tax on the first $500,000—an $8,000 saving. The exemption gradually decreases above $835,000 and ends at $860,000.
A home priced at $835,000 is not completely PTT-free. An eligible buyer would still pay $6,700.
| Home value | Regular PTT | Exemption | PTT payable |
|---|---|---|---|
| $700,000 | $12,000 | $8,000 | $4,000 |
| $800,000 | $14,000 | $8,000 | $6,000 |
| $835,000 | $14,700 | $8,000 | $6,700 |
| $850,000 | $15,000 | $3,200 | $11,800 |
Examples assume the whole purchase qualifies, standard residential PTT, and no other exemptions or additional taxes. The program uses fair market value.
Who qualifies?
At registration, you must be a Canadian citizen or permanent resident. You must also have lived in BC for the previous year, or filed at least two income tax returns as a BC resident in the previous six taxation years.
You cannot have previously owned a registered interest in a home that was your principal residence anywhere in the world, or received this exemption or refund before.
The property must be your principal residence, have only residential improvements and be no larger than 0.5 hectares (1.24 acres) for the full exemption. Larger properties or other uses may qualify for partial relief. If only one joint buyer qualifies, the exemption applies to that buyer’s ownership share.
What happens after you buy?
For an existing home, move in within 92 days of registration and keep it as your principal residence through the first anniversary. Your lawyer or notary applies for the exemption on the PTT return and can confirm the requirements for your purchase.
Try the official BC calculator
Use the government calculator to estimate the tax, then confirm your eligibility and final closing costs with your legal professional.
This provincial PTT program is separate from the federal first-time buyer GST rebate and BC’s newly built home exemption.
Let’s talk about your first home
We can help you work through the purchase price, closing costs and next steps, so you know what questions to ask before making an offer.
Request a First-Time Buyer Consultation
Checked October 8, 2026. Sources: BC program eligibility and exemption amounts. Rules and individual circumstances can change.