As a first time home buyer, you are exempt from paying the property transfer tax.  There are certain requirements that you must meet in order to qualify.  They are stated below:

• You must be a Canadian citizen or permanent resident of Canada.
• You must be the purchasing a principal residence.
• You must not have previously owned an interest in real estate anywhere in the world.
• You must have resided in the province of B.C. for at least one year (12 consecutive months) immediately prior to the application to register the purchase of the principal residence.
• The maximum purchase price that will qualify for the exemption in Vancouver is $425,000 (A partial exemption is available for homes between $425,000.00 and $450,000.00).
• The term of your mortgage must be at least one year.
• The purchaser must occupy the property as their principal residence within 92 days of completion.
• The purchaser must continue to occupy the property as their principal residence for at least 1 year from the date the transfer was registered.
• For more information on this and the first time home buyers program, please visit http://www.sbr.gov.bc.ca/documents_library/brochures/FirstTimeHomeBuyer.pdf

Do you have more questions about first time home buyers?  If so, please contact Leilani!