Newly-Built Home Exemption

Newly-Built Home Exemption

Do I qualify for a newly-built home exemption in BC?

To qualify for a newly-built home exemption, you must register the property land and improvement transfer at the Land Title Office after February 16, 2016, and you also must:

Be a Canadian citizen or permanent resident (present your Social Insurance Number (SIN) or proof of permanent residency and your birthdate)

The property also must:

  • Be located in B.C.
  • Only used as your principal residence
  • Have a fair market value of $750,000 or less
  • Be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption if the property:

  • Has a fair market value greater than $750,000 and less than $800,000
  • Is larger than 0.5 hectares
  • Houses another building other than the principal residence

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The newly-built home exemption reduces or waives the amount of property transfer tax you pay when buying a newly-built home.
 
If you qualify for the exemption, you may be eligible for either a full or partial exemption from the tax.
 
If you previously paid property transfer tax on vacant land and constructed a newly-built home on the land, you may be eligible for a refund.

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