• must be Canadian Citizen or permanent resident (as per Immigration Canada);

• must have resided in BC for the 12 months immediately prior to the purchase completion date;

• must never have owned an interest in a principal residence anywhere in the world;

• must never have received a previous first time homebuyers exemption or refund.

NIL

Person can qualify if he or she has filed two Income Tax Returns as a BC resident within the last six years.

NIL

NIL

• if the Property is in the Capital Regional District, Greater Vancouver Regional District or the Fraser Valley Regional District and the fair market value does not exceed $275,000.00;

• if the Property is outside the above regions the fair market value must not exceed $225,000.00;

• property must be residential and not exceed 0.5 hectares;

Partial exemption may be allowed for portion of property that is residential and 0.5 hectares or less.

If the property is in the Capital Regional District, Greater Vancouver Regional District or the Fraser Valley Regional District and the fair market value does not exceed $325,000.00;

If the property is outside the above regions the fair market value must not exceed $265,000.00;

Market value of up to $25,000.00 more than the $325,000.00 or $265,000.00 thresholds will be eligible for a proportionate amount of the exemption.

Example Formula:

PTT x ($350,000.00 – actual sale price)

$25,000.00

• amount borrowed must be at least 70% of the fair market value of the purchased property, and must be registered on title, and can include assumptions of mortgages;

• financing can not include amounts borrowed from related individuals, trusts, or partially held corporations of which a borrower or related individual is a shareholder;

• financing must be for a term of at least one year and must be registered against the title to the property within seven days of the date of transfer from the Vendor, other forms of financing such as lines of credit, credit facilities or re-advanceable mortgages may be acceptable as long as the actual loan agreement states that the registered mortgage will remain registered for at least one year.

NIL

NIL

NIL

• the purchaser must occupy the residence within 92 days of completion of the transaction;

• purchaser must continue to use the residence as his or her principal residence for a period of one year;

Exceptions:

1) – death;

2) - property is transferred pursuant to court order or separation agreement under the Family Relations Act;

3) - purchaser may be eligible for a pro-rated amount of the exemption based on the date purchaser moved from the property ;

• principal amount of the mortgage financing must not be reduced or paid down by more than $11,000.00 during the first year of ownership.

NIL

NIL

NIL

Principal amount of the mortgage financing must not be reduced or paid down by more than $13,000.00 during the first year of ownership;

Purchaser may be eligible for a pro-rated amount of the exemption based on the number of days the purchaser maintained the allowable indebtedness

new exemption = purchaser entitled to an exemption that is the greater of $13,000.00 in prepayments or the amount that would reduce the mortgage balance to 70% of the Fair Market Value (as of purchase date - this exemption benefits high ratio financing purchasers).

For properties located outside of the Capital Regional District, Greater Vancouver Regional District and the Fraser Valley Regional District, the pay down limit is increased to the greater of $10,600.00 and the amount that would reduce the mortgage to 70% of the fair market value of the property.