Newly Built Home PTT Exemption Amounts

Newly Built Home Property Transfer Tax Exemption

The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.
A newly built home includes:

  • a house constructed and affixed on a parcel of vacant land
  • a new apartment in a newly built condominium building
  • a manufactured home that is placed and affixed on a parcel of vacant land
  • an already constructed house that is removed from one parcel of land and affixed to another parcel of vacant land, as long as the house hasn’t been occupied since it was placed on the new parcel of vacant land
  • a house resulting from the division of an existing improvement affixed to a parcel of land that was also subdivided, as long as this house hasn’t been occupied since the subdivision of the parcel
  • a house converted from an existing improvement on the land. The previous improvement couldn’t have been used as residential (e.g. a warehouse converted into apartments).

If you qualify for the exemption, you may be eligible for either a full or partial exemption from the tax.

Do I Qualify?

To qualify, the property (land and improvement) must be registered at the land title office after February 16, 2016 and you must be:

  • an individual
  • a Canadian citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) and your birth date)

and the property must:

  •  be located in B.C.
  • only be 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
  • has another building on the property other than the principal residence

Occupancy Requirements

After you have registered the property, you must meet occupancy requirements during the first year you own the property. To keep the tax exemption you must:

move into your home within 92 days of the date the property was registered at the land title office, and continue to occupy the property as your principal residence for the remainder of the first year. You will receive a letter at the end of the first year to confirm you meet these requirements.

You may keep part of the exemption if you moved out before the end of the first year.

Below is the amount of tax payable if 100% of the property transfer is eligible for the Newly Built Home Exemption.

Fair Market Value Exemption Amount Tax Payable
Less than $750,000.00 Full amount of tax normally due $0
$750,000.00 $13,000.00 $0
$751,000.00 $12,759.60 $260.40
$752,000.00 $12,518.40 $521.60
$753,000.00 $12,276.40 $783.60
$754,000.00 $12,033.60 $1,046.40
$755,000.00 $11,790.00 $1,310.00
$756,000.00 $11,545.60 $1,574.40
$757,000.00 $11,300.40 $1,839.60
$758,000.00 $11,054.40 $2,105.60
$759,000.00 $10,807.60 $2,372.40
$760,000.00 $10,560.00 $2,640.00
$761,000.00 $10,311.60 $2,908.40
$762,000.00 $10,062.40 $3,177.60
$763,000.00 $9,812.40 $3,447.60
$764,000.00 $9,561.60 $3,718.40
$765,000.00 $9,310.00 $3,990.00
$766,000.00 $9,057.60 $4,262.40
$767,000.00 $8,804.40 $4,535.60
$768,000.00 $8,550.40 $4,809.60
$769,000.00 $8,295.60 $5,084.40
$770,000.00 $8,040.00 $5,360.00
$771,000.00 $7,783.60 $5,636.40
$772,000.00 $7,526.40 $5,913.60
$773,000.00 $7,268.40 $6,191.60
$774,000.00 $7,009.60 $6,470.40
$775,000.00 $6,750.00 $6,750.00
$776,000.00 $6,489.60 $7,030.40
$777,000.00 $6,228.40 $7,311.60
$778,000.00 $5,966.40 $7,593.60
$779,000.00 $5,703.60 $7,876.40
$780,000.00 $5,440.00 $9,015.60
$781,000.00 $5,175.60 $8,444.40
$782,000.00 $4,910.40 $8,729.60
$783,000.00 $4,644.40 $9,015.60
$784,000.00 $4,377.60 $9,302.40
$785,000.00 $4,110.00 $9,590.00
$786,000.00 $3,841.60 $9,878.40
$787,000.00 $3,572.40 $10,167.60
$788,000.00 $3,302.40 $10,457.60
$789,000.00 $3,031.60 $10,748.40
$790,000.00 $2,760.00 $11,040.00
$791,000.00 $2,487.60 $11,332.40
$792,000.00 $2,214.40 $11,625.60
$793,000.00 $1,940.40 $11,919.60
$794,000.00 $1,665.60 $12,214.40
$795,000.00 $1,390.00 $12,510.00
$796,000.00 $1,113.60 $12,806.40
$797,000.00 $836.40 $13,103.60
$798,000.00 $558.40 $13,401.60
$799,000.00 $279.60 $13,700.40
$800,000.00 $0 $14,000.00

Full details on Property Transfer Tax and Newly Built Home Exemption

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