PROPERTY TRANSFER TAX -
ELIGIBILITY CRITERIA	As a First Time Home Buyer you may qualify for an exemption from Property Transfer Tax if … You have never have held a registered interest in a PRINCIPAL RESIDENCE at any time, anywhere in the world. You are a Canadian Citizen or Landed Immigrant of Canada. You have lived in British Columbia for at least one year immediately prior to the application to register the purchase of the principal residence. You will occupy the property as your principal residence within 92 days of the date of registration of the transfer in the Land Titles Office. You will live in the property for at least one year from the date of the transfer. The registered mortgage is for at least 70% of the purchase price of the property (not including amounts borrowed from relatives). The mortgage is for at least a one year term. Where the term is for less than one year, the full PTT is payable at the time of the purchase, however, a refund may be applied for later as follows: For original terms of less than one year, at the time the mortgage is renewed to extend to the full year; or Where the mortgage is payable on demand with no stated term, prior to the one year anniversary date of registration. The application for refund must be made BEFORE the anniversary date of registration or it will be disqualified.
PRINCIPAL REDUCTION CONDITIONS	Mortgage principal may not be reduced below 70% of the purchase price in the 1st year, or by more than $13,000 in the Greater Vancouver Regional District, Capital Regional District or Fraser Valley Regional District. Outside of these areas by no more than $10,600.
MAXIMUM PURCHASE PRICE	Where purchase price (including net GST) does not exceed $325,000, a partial PTT rebate on purchases of $325,000 to $350,000 is available for the Greater Vancouver Regional, Capital Regional, or Fraser Valley Regional Districts. For locations elsewhere in the province, where the maximum purchase price does not exceed $265,000 a partial PTT rebate is available on purchases between $265,000 and $290,000.
PTT CALCULATIONS FOR THOSE NOT EXEMPT	Those not eligible for exemption, must pay Property Transfer Tax based on 1% of the first $200,000 of the purchase price or fair market value, and 2% of the balance. Where you are buying the property with another person, and where only one of you qualifies for exemption, the eligible person may apply for exemption based on their interest (share of ownership) in the property. For instance, where the person qualifying for exemption owns 60% and the person who does not qualify for exemption owns 40%, the property transfer tax payable would be equal to 40% of the amount usually payable.
There are many more resources in the Full Article Listing that may be helpful, such as: Costs to Consider and GST Rebate Guidelines. Information subject to change without notice.