Guide
BC newly built home exemption from property transfer tax
Who qualifies, what you would pay, and how it compares with the first-time buyer exemption.
Short answer: Buying a newly built home in BC to live in? You may pay no property transfer tax up to $1,100,000 of fair market value. There’s a partial break up to $1,150,000. You don’t need to be a first-time buyer.
Tick “Buying a new home from a builder” in the closing costs calculator to see the tax for your price.
Who qualifies
- You’re a Canadian citizen or permanent resident.
- It’s a newly built home: no one has lived in it, and it hasn’t been sold before (some exceptions).
- The land is 0.5 hectares or smaller.
- You move in within 92 days of registration and live there as your main home for the rest of the first year.
What you’d pay
| Newly built, price | Tax without exemption | Tax with exemption |
|---|---|---|
| $800,000 | $14,000 | $0 |
| $1,100,000 | $20,000 | $0 |
| $1,101,000 | $20,020 | $400.40 |
| $1,125,000 | $20,500 | $10,250 |
| $1,150,000 | $21,000 | $21,000 |
Above $1,100,000 the exemption shrinks quickly. Every dollar over cuts the exemption until it’s gone at $1,150,000. At $1,101,000 you’d owe $400.40. At $1,125,000, half the tax.
Newly built vs first-time buyer exemption
You can’t use both on one purchase. On new homes, this one usually wins. On an $800,000 new condo, the newly built exemption brings the tax to $0. If it were a resale condo at the same price, the first-time buyer exemption would leave $6,000 to pay.
How you claim it
It’s claimed with exemption code 49 on the property transfer tax return your lawyer or notary files when the transfer is registered. If you paid the tax and qualified, you can apply for a refund.
If you don’t move in
If you don’t move in within 92 days, or don’t live there as your main home, you can lose the exemption and owe the tax. If you move out before the first year is up, you may keep part of it. Plan your move-in date before you sign.
Presales and GST
Most new homes also have GST. First-time buyers may get up to $50,000 back with the first-time home buyers’ GST rebate. That’s federal and separate from this BC tax break.
Buying a presale? BC law gives you seven days to cancel after the later of signing and getting the developer’s disclosure statement. Our buyer checklist covers that.
Common questions
What’s the newly built home exemption limit in BC?
A full exemption up to a fair market value of $1,100,000, then a partial one that runs out at $1,150,000. Above that you pay the full property transfer tax.
Do I have to be a first-time buyer for the newly built home exemption?
No. Anyone who’s a Canadian citizen or permanent resident and will live in the home as their main home can use it. First-time buyers can use it too.
Can I use the first-time buyer exemption and newly built home exemption together?
No, you pick one for the same purchase. On a new home the newly built exemption is usually the bigger one, because its limit is much higher.
Does a presale condo count as newly built?
Usually yes, if no one has lived in it before and it hasn’t been sold before. Check the government page for your case, especially for assignments.
Sources
- Newly built home exemption, Government of BC. Checked October 2026.
- Newly built home exemption amounts, Government of BC. Checked October 2026.
- Property transfer tax, Government of BC. Checked October 2026.
- First time home buyers’ exemption, Government of BC. Checked October 2026.
Same rules as the calculators. Rules last verified: . See how the calculators work.
Keep reading
Estimates only. Not tax, legal or financial advice.
Rough numbers, not a quote or a lender’s decision. Check with a lawyer or notary and your lender before you rely on them. See Disclosures and Methodology.