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First Time Home Buyers Property Transfer Exemption Amounts

Posted on June 21, 2024 by Jeff Jantzi

Posted in First Time Home Buyers Property Transfer Exemption

BC Government Website Full Information: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers/current-amount#current-exempt

What determines your exemption amount

If you qualify for the first time home buyers' exemption, the amount of property transfer tax you pay depends on:

The fair market value of the property
The percentage of the property transfer eligible for the exemption
The size of the property
Whether there are any non-residential improvements on the property
When the the property was registered

The exemption amount is deducted from the amount of tax you would normally pay.

Property size smaller than 0.5 hectares

If your property size is smaller than 0.5 hectares, the following information applies.

Note: If the property transfer is larger than 0.5 hectares then the fair market value of your property that is eligible for exemption will change. In this case, your exemption amount may also change.

Exemption amount when 100% of the property transfer is eligible

When 100% of the property transfer is eligible, the exemption amount is determined by the fair market value of your property. If the fair market value of the property is:

$500,000 or less, you can claim an exemption amount equal to the full amount of property transfer tax
Over $500,000 but no more than $835,000, the exemption amount is $8,000
Over $835,000 and under $860,000 then the exemption amount is proportionally reduced

You can use the property transfer tax calculator to estimate the property transfer tax before exemption based on the fair market value of your property.

Below is the amount of tax payable if 100% of the property transfer is eligible for the first time home buyers’ exemption.

**Exemption amounts**
Fair market value	Property transfer tax amount	Exemption amount	Property transfer tax payable
Under $500,000	See property transfer tax calculator	The same amount as property transfer tax before exemption	-
$500,000	$8,000	$8,000	-
$550,000	$9,000	$8,000	$1,000
$600,000	$10,000	$8,000	$2,000
$650,000	$11,000	$8,000	$3,000
$700,000	$12,000	$8,000	$4,000
$750,000	$13,000	$8,000	$5,000
$800,000	$14,000	$8,000	$6,000
$835,000	$14,700	$8,000	$6,700
$836,000	$14,720	$7,680	$7,040
$837,000	$14,740	$7,360	$7,380
$838,000	$14,760	$7,040	$7,720
$839,000	$14,780	$6,720	$8,060
$840,000	$14,800	$6,400	$8,400
$841,000	$14,820	$6,080	$8,740
$842,000	$14,840	$5,760	$9,080
$843,000	$14,860	$5,440	$9,420
$844,000	$14,880	$5,120	$9,760
$845,000	$14,900	$4,800	$10,100
$846,000	$14,920	$4,480	$10,440
$847,000	$14,940	$4,160	$10,780
$848,000	$14,960	$3,840	$ 11,120
$849,000	$ 14,980	$ 3,520	$ 11,460
$850,000	$ 15,000	$ 3,200	$ 11,800
$851,000	$ 15,020	$ 2,880	$ 12,140
$852,000	$ 15,040	$ 2,560	$ 12,480
$853,000	$ 15,060	$ 2,240	$ 12,820
$854,000	$ 15,080	$ 1,920	$ 13,160
$855,000	$ 15,100	$ 1,600	$ 13,500
$856,000	$ 15,120	$ 1,280	$ 13,840
$857,000	$ 15,140	$ 960	$ 14,180
$858,000	$ 15,160	$ 640	$ 14,520
$859,000	$ 15,180	$ 320	$ 14,860
$860,000	$ 15,200	-	$ 15,200

Exemption amount when only part of the property transfer is eligible

If only part of the property transfer is eligible (for example, not all of the purchasers qualify), the exemption amount will be reduced. The exemption amount will be based off the percentage of the property transfer that is eligible.

For example, you and your spouse purchase an $835,000 home as joint tenants, but only you are eligible for the first time home buyers’ exemption (your spouse is not eligible). The net property transfer tax payable is calculated as follows:

Property transfer tax before exemption (see table above)

Exemption amount available (see table above) X 50% (because only 50% of the owners are eligible) = $8,000 X 50%

Net property transfer tax payable

14,700

$4,000

$10,700

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