BC Property Transfer Tax (PTT) First Time Buyers Exemption Limit Raised to $475K from $425K

Government reduces tax burden on first-time buyers

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000. 

In 2005, the government increased the threshold to $325,000 from $275,000.

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

Looking to Calculate a PTT Exemption?

Check out this great BC Property Transfer Tax Exemption Calculator!

Here is a table for the new British Columbia Property Transfer Tax Exemption from $475,000 to $500,000:

PTT Exemption Table

Qualifying for the BC PTT Exemption

To qualify for a full exemption (PDF), at the time the property is registered you must:

  • be a Canadian citizen or permanent resident
  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • have never owned an interest in a principal residence anywhere in the world at any time
  • you have never received a first time home buyers’ exemption or refund

and the property must:

You may qualify for a partial exemption (PDF) from the tax if the property:

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  Comments: 6


  1. Hi! My name is Tal Chung Kim
    I living in Fort McMurray Alberta Since 2009, And I reported personal income tax from same year as Alberta residence. My question is if I buy house in BC, can I qualify as First Time Home Buyer program?
    I am Canadian citizen. and I don’t have own property since year 2001.
    Can I save “Property Transfer Tax Exemption”?

    Thanks..


    • Hi Tal,

      Good to hear from you.

      I think the best person to speak to would be an accountant.

      What are your thoughts?

      Thanks!


  2. Hello, I’m Sarah. My boyfriend has an apartment, and we have been living together for three years. We are not married. Now I want to buy myself a property, am I still qualified for the first home buyer plan?

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