The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. To qualify for a full exemption, at the time the property is registered you must:

• be a Canadian citizen or permanent resident
• have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
• have never owned an interest in a principal residence anywhere in the world at any time 
• have never received a first time home buyers' exemption or refund

and the property must:

• be located in B.C.
• only be used as your principal residence
• have a fair market value of:
  • $425,000 or less if registered on or before February 18, 2014, or
  • $475,000 or less if registered on or after February 19, 2014
• be 0.5 hectares (1.24 acres) or smaller