Changes to first-time home buyers’ program
The Provincial Government has just increased the tax exemption for first-time home buyers from $425,000 to $475,000 with a sliding scale to $500,000.
This new change was effective February 19, 2014, based on registration, and is not retroactive.
The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.