Buying Real Estate - First Time Buyers

1. Qualifications for tax exemption.
2. What documents do you require?
3. Why be pre-approved for a mortgage?
4. Why be pre-qualified for a mortgage?

First time Buyers may be exempt from paying B.C.'s Provincial Property Transfer Tax if they meet the following qualifications.

• Buying first home, never have owned an interest in a principal residence anywhere in the world at anytime.
• Citizen or a permanent resident of Canada and have resided in B.C. for at least one year prior to the purchase or have filed two income tax returns as a British Columbia resident within the last 6 years
• Purchase price is not greater than $425,000
• Mortgage term is 12 months or greater
• Property size is less than 1.25 acres
• Buyer will occupy the property within 92 days of the purchase
• Buyer will live in residence for a minimum of 12 months