First Time Home Buyers’ Program

Under the First Time Home Buyers' Program, British Columbians buying their first home are eligible for an exemption from property transfer tax on homes valued up to $425,000. Improvements to the program mean even more homebuyers will benefit.

• The market value threshold for homes has been increased by more than $100,000 to $425,000.
• Financing requirements were eliminated and greater flexibility on mortgage repayment options was provided.
• Families buying homes from British Columbia affiliates of Habitat for Humanity Canada now have improved access to Property Transfer Tax exemptions.

Homeowner Grant Improvements

The Homeowner Grant helps to make home ownership more affordable by reducing the amount of property tax eligible British Columbian homeowners pay. The basic grant is $570 and the total for those receiving the additional grant – for seniors, certain veterans and eligible persons with disabilities – is $845. Homeowners with homes valued at up to $1.05 million are eligible to receive the full grant. This threshold is set to ensure that more than 95 per cent of homeowners are eligible for the full grant. The grant is also available to eligible low-income homeowners with homes assessed above the threshold, if they would have received the additional grant but for the high value of their home. Homeowners who are temporarily living outside their home for a variety of reasons such as school or due to damage from a fire; or those with disabilities who need to modify their home may also be eligible to claim the grant.

Property Tax Deferment Program

Homeowners may also qualify for the Property Tax Deferment Program, which allows eligible homeowners with at least 25 per cent equity in their home to defer their annual property taxes. To help homeowners through the current economic uncertainty, the Province has introduced a temporary Financial Hardship Property Tax Deferment program. Eligible homeowners can defer their 2009 and 2010 property taxes.