The short answer
BC’s newly built home exemption can reduce property transfer tax on a qualifying principal residence. The current full-exemption value threshold is $1.1 million; partial relief ends at $1.15 million. Price alone does not establish eligibility.
BC: newly built home exemptionFull-benefit threshold
Qualifying property and purchaser requirements must also be met.
Phase-out endpoint
There is no benefit at this value under this exemption.
GST review
Property transfer tax relief does not establish any GST rebate.
The basics
What the exemption covers
The newly built home exemption can remove property transfer tax on a new home you will live in. BC says it can cover houses, condo units, manufactured homes and converted buildings, as long as no one has occupied them since they were built, placed or converted.
For registrations on or after April 1, 2024, the full exemption applies up to a fair market value of $1,100,000. Partial relief phases out over the next $50,000 and ends at $1,150,000. Before April 1, 2024, the full-exemption threshold was $750,000.
You must be a Canadian citizen or permanent resident, and it must be the first registration of the property with a completed improvement. For a full exemption the land must be 0.5 hectares (1.24 acres) or smaller. Larger parcels, or a second building, may get only partial relief.
Why it matters
A large benefit with strings attached
At a value of $1,100,000, general property transfer tax would be $20,000, so the exemption matters. But it comes with conditions after you move in. If you move out before the first year ends, BC says you must repay part of the exemption based on the days remaining.
A presale contract may be signed long before completion. property transfer tax is based on fair market value at registration, which happens at completion. Check the value and rules that apply on your registration date, not only on the day you signed.
How it works
From completion to keeping the exemption
Confirm eligibility before completion
Ask your lawyer or notary to check your status, the value, the land size and whether anyone has lived in the home.
Claim it on the property transfer tax return
BC says you can claim it with exemption code 49 on the property transfer tax return, or apply for a refund later.
Move in within 92 days
You must move in within 92 days of the registration date. Keep records that show when you moved in.
Stay through the first year
The home must remain your principal residence for the rest of the first year after registration.
Watch the refund window
If you paid the tax, BC says you apply for a refund after the first anniversary of registration and within 18 months of the registration date.
Report an early move-out
If you leave before the first anniversary, contact the Province. Part of the exemption must be repaid.
Avoid these
Where new-home buyers slip
Assuming the contract price settles the value
property transfer tax uses fair market value on the registration date. If that value lands above the threshold, relief shrinks or ends.
Buying it as a rental
BC says the property must only be used as your principal residence. An investment unit or second home does not fit.
Confusing it with the first-time buyer program
They are separate exemptions with different rules. BC asks you to contact it if you applied for the first-time program but want this one instead.
Treating property transfer tax relief as GST relief
GST on a new home is a separate federal tax with its own rules. Read our GST on new homes guide.
Example
The timeline a qualifying buyer follows
A hypothetical purchase registered on day 0. The deadlines come from BC’s exemption rules.
| Day 0: registration at the Land Title Office | Exemption claimed on the property transfer tax return, or tax paid and a refund planned |
|---|---|
| By day 92 | Moved in as your principal residence |
| Day 0 to the first anniversary | Living there continuously |
| After the first anniversary, within 18 months of registration | Refund application window, if you paid the tax |
| General property transfer tax at $1,100,000: $2,000 + ($900,000 × 2%) | $2,000 + $18,000 = $20,000 |
This shows timing only. Your lawyer or notary confirms eligibility and how any partial exemption is calculated.
Questions to ask
Questions before you rely on it
Your lawyer or notary
- Will you claim the exemption at registration, or should I plan for a refund?
- What fair market value will be reported?
- Does the land size or another building reduce my exemption?
- What records should I keep to prove when I moved in?
The developer or builder
- Has anyone lived in this home since it was completed?
- Was the unit ever rented or used before my purchase?
- When is completion now expected?
FAQ
Common questions
Do I have to be a first-time buyer?
No first-time requirement appears in BC’s purchaser rules for this exemption. You must be a Canadian citizen or permanent resident, and the home must be your principal residence.
What is the newly built home exemption threshold in BC?
For registrations on or after April 1, 2024, the full exemption applies up to $1,100,000 fair market value. Partial relief continues up to $1,150,000, where it ends.
Can I combine it with the first-time home buyers’ exemption?
BC treats them as separate choices. If you applied for the first-time program and want this exemption instead, BC asks you to contact it. Your lawyer or notary can compare the two for your purchase.
What happens if I move out in the first year?
BC says you may keep part of the exemption, but you must repay a portion based on how many days before the first anniversary you moved out.
Does a presale condo qualify?
It can, if it is newly built and never occupied, meets the value and land rules, and you meet the purchaser and occupancy rules. See presale versus resale for other differences.
