British Columbia

You qualify for the exemption if:

• You’re a Canadian Citizen, or a permanent resident as determined by Immigration Canada,
• You’ve lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property.
• You’ve never owned an interest in a principal residence anywhere in the world at anytime, and
• You have never received a first time home buyers’ exemption or refund.

Property

The property you purchase qualifies if:

• The fair market value of the property is not more than the current threshold of $425,000.
• The land is 0.5 hectares (1.24 acres) or smaller, and
• The property will only be used as your principal residence.

If the property does not meet all of these requirements, you may still qualify for a partial exemption.

You apply for the exemption when you register the property at the Land Title office. Generally, a lawyer or notary public registers the property and applies for the exemption on your behalf.

• You need to occupy the property within 92 days of the date you register the property and continue to use the property as your principal residence for at least 1 year after you register the property.
• If the land is vacant when you purchase the property, a principal residence needs to be built on the property within 1 year of the registration date, and you need to reside on the property for the remainder of that year. The fair market value of the land, plus the cost of building any improvements on the land cannot exceed the current threshold of $425,000.
• The ministry will send you a letter at the end of the first year you own the property. If your property purchase was registered on, or after, February 20, 2008, the letter will ask you to confirm that the property is still your principal residence. If your property purchase was registered before February 20, 2008, the letter will ask for details of your financial account(s) that you have registered against your property from the date of registration until February 20, 2008.
• If your property purchase was registered before February 20, 2008, and you paid down your mortgage before February 20, 2008, there are limitations on how much of your financing you can pay down.
• You may still qualify for a partial exemption if you pay down your financing more than the limitation amount before February 20, 2008, or if you move off the property before the end of the first year.
• It is your responsibility to make sure the ministry receives all of the necessary information. If the ministry does not receive the information, you will be assessed for the property transfer tax due.

For details on the program, please see Bulletin PTT 004, First Time Home Buyers’ Program available at www.gov.bc.ca/sbr.

Increased Demand Steadies Housing Market in Greater Vancouver

“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”

Bright spots in Greater Vancouver in May 2009 compared to May 2008:

Detached:

Burnaby up 48.9 per cent (140 units sold from 94)

Maple Ridge/Pitt Meadows up 13.4 per cent (144 units sold from 127)

North Vancouver up 31.4 per cent (134 units sold from 102)

Port Moody/Belcarra up 52.6 per cent (29 units sold from 19)

Richmond up 14.0 per cent (170 units sold from 142)

Vancouver East up 11.1 per cent (180 units sold from 162)

Attached:

Burnaby up 31.5 per cent (96 units sold from 73)

Maple Ridge/Pitt Meadows up 43.8 per cent (46 units sold from 32)

North Vancouver up 31.8 per cent (58 units sold from 44)

Apartments:

Burnaby up 32.6 per cent (187 units sold from 141)

North Vancouver up 22.6 per cent (103 units sold from 84)

Richmond up 27.4 per cent (200 units sold from 157)

Vancouver East up 28.7 per cent (139 units sold from 108)