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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