Government Grants

Newly Built Home Exemption

Type:
Tax Break
Availability:
National

Summary

This program reduces or eliminates the amount of property transfer tax paid for owners of newly built homes. This exemption is worth up to $13,000 depending on the individual market value of the property.

Eligibility

This grant applies to owners of newly built homes. A newly built home would include:

  • A house constructed on vacant land
  • Newly built apartment or condominium
  • A manufactured home placed on vacant land
  • A house moved from one piece of land to another that had no previous resident
  • A non-residential building converted into a home (ex. warehouse)

In order to qualify for this grant, you must meet the following requirements:

  1. Transfer must have been registered at the Land Title Office after February 16, 2016
  2. Must be an individual
  3. Canadian citizen/permanent resident
  4. In order for your property in question to be eligible for this grant, it must meet the following requirements:
  5. Must be located in BC
  6. Be used as principal residence
  7. Market value of $750,000 or less
  8. Be 1.24 acres or smaller

You may be eligible for a partial tax exemption if you meet the below requirements:

  • Market value greater than $750,000, less than $800,000
  • Larger than 0.5 hectares
  • Has more than one building on the property

Additional Information

  • Must move into the property within 92 days of registration
  • Continuously occupy residence for remainder of the first year
  • If you become a canadian citizen/permanent resident within twelve months of registration, you may apply for a tax refund

How to Apply

Enter exemption code 49 on your Property Transfer Tax Return

Resources

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