Glossary · Taxes and government
Newly built home exemption
BC's newly built home exemption removes property transfer tax on a new home that will be the buyer's principal residence, with a full exemption up to $1.1 million and a partial one up to $1.15 million.
You must be a Canadian citizen or permanent resident, and occupancy conditions apply. GST generally applies to newly built homes, separately from property transfer tax. Confirm current thresholds on gov.bc.ca before relying on them.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
