To claim the First Time Home Buyers exemption, you must meet certain criteria. Generally, these are as follows:
- Live in BC for at least one year immediately before the transfer
- Have not owned an interest in a principal residence ANYWHERE IN THE WORLD
- Value of property must be below $425,000
- You must move into property within 92 days after the transfer
- Must never have claimed a first time home buyers exemption
If you meet this criteria then you should qualify for the First Time Home Buyers exemption of the Property Transfer Tax.
For more information, please go to http://www.sbr.gov.bc.ca/documents_library/forms/0269.pdf