The newly built home exemption reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.

• Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.
• Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase-out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers.

Do I qualify?

To qualify,

• The property (land and improvement) transfer must be registered at the Land Title Office after February 16, 2016, and
• This must be the first registration of this property with a completed improvement, and
• You must be a Canadian citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) or proof of permanent residency and your birthdate)

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 ($750,000 if the title is registered before April 1, 2024)
• 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 (greater than $750,000 and less than $800,000 if the title is registered before April 1, 2024)
• Is larger than 0.5 hectares
• Has another building on the property other than the principal residence

Refund

If you qualify for the exemption, but did not apply when you registered your home, you may apply for a refund.

Vacant land

If you purchased a vacant lot and paid the tax upon registration, you may apply for a refund if:

• You have a newly built home on the land
• You meet the qualifications for the Newly Built Home Exemption
• The fair market value of the land plus the cost of the newly built home is $1,100,000 or less (if you register title to the land on or after April 1, 2024) 
• If you take title to the land before April 1, 2024, the fair market value of the land plus the cost of the newly built home is $750,000 or less  
• You moved into your home and continued to occupy the property as your principal residence for the remainder of the first year

If you move out before the end of the first year, you may be eligible for a partial refund of the tax you paid based on the number of days you occupied the property.

If you applied for the first-time home buyers’ program after February 16, 2016, but want to apply for the newly built home exemption instead, contact: PTTENQ@gov.bc.ca.