The newly-built home PTT exemption: who qualifies
Buying new construction in B.C.? A separate Property Transfer Tax exemption — with a much higher ceiling than the first-time-buyer one — can wipe the tax out.
B.C.’s Newly Built Home Exemption removes Property Transfer Tax on a qualifying new home, and its value ceiling is far higher than the first-time-buyer program — which matters in a market where new condos and homes routinely top $1,000,000.
The thresholds
Key facts
- Full exemption when fair market value is $1,100,000 or less (raised from $750,000 on April 1, 2024).
- Partial exemption for value between $1,100,000 and $1,150,000, phasing out on a straight line.
- No exemption at or above $1,150,000.
What counts as “newly built”
- A new house on vacant land, never occupied
- A new condo unit, never occupied
- A new manufactured home on vacant land
- A house moved onto vacant land and never occupied there
- A home created by subdivision and not occupied since
- A building converted from non-residential to residential and not occupied since conversion
Who qualifies
Key facts
- You are a Canadian citizen or permanent resident.
- The property is in B.C. and used as your principal residence.
- The land is 0.5 hectares (1.24 acres) or smaller.
- You move in within 92 days of registration and live there for the first year.
One program or the other
You generally claim either the first-time-buyer exemption or the newly-built exemption — they are two separate programs, not stackable. For the rates and the first-time-buyer route, see the Property Transfer Tax guide.
Don’t forget GST on new builds
New (and substantially renovated) homes can carry 5% GST, which resale homes do not. A new federal first-time-buyer GST rebate can eliminate that GST on qualifying new homes valued up to $1,000,000 — so weigh both taxes when comparing new against resale. See the full closing-costs checklist.
Sources
GeoHouse is a technology company — not a licensed real estate brokerage, REALTOR®, lawyer, or financial advisor. This article is general education about how the process works in British Columbia, not advice for your specific transaction. Rules and figures change; confirm current details through the official sources linked above and consult a licensed REALTOR®, mortgage broker, lawyer, or notary before making decisions.