The first time home buyers program reduces or eliminates the amount of Property Transfer Tax Canadians and permanent residents pay when they purchase their first home in British Columbia.
There will be a full exemption for property valued at $500,000 or lower, and 1.24 acres in size or smaller. There may be a partial exemption for any property valued up to $525,000, and larger than 1.24 acres in size.
If one or more of the purchasers do not qualify for the program, only the percentage of interest that the first time home buyer has in the property is eligible for the exemption.
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