In British Columbia, first-time homebuyers can receive a property transfer tax exemption on homes purchased with a fair market value of $500,000 or less. The first-time homebuyer will be eligible for a partial exemption for homes with a fair market value between $500,000 and $525,000.

Also, you may be fully exempted if you purchase a brand new home smaller than 0.5 hectares (1.24 acres) with a market value of less than $750,000. You may receive a partial exemption if your newly built home is between $750,000 and $800,000 and is larger than 0.5 hectares.

Effective April 1, 2024, the first-time home buyer's full exemption will be on the first $500,000, which is valued at $8,000. You may be eligible for a partial exemption for homes that have a fair market value between $835,000 and $860,000. There is no exemption for homes more than $860,000.

Similarly, the newly built homes with less than $1,100,000 fair market value receive a full exemption and a partial exemption between $1,100,000 and $1,150,000. There is no newly built home exemption for homes with a fair market value of greater than $1,150,000.