How does the BC Newly Built Home PTT exemption work?

Direct answer

The Newly Built Home Exemption (Section 12.02 of the Property Transfer Tax Act) gives a full PTT exemption when you buy a newly constructed home (never previously occupied) for $1,100,000 or less. From $1,100,000 to $1,150,000 the exemption phases out linearly; above $1,150,000 it disappears entirely. Thresholds were raised April 1, 2024 — pre-April 2024 caps were $750K/$800K. To qualify you must be a Canadian citizen or permanent resident, occupy the property as a principal residence within 92 days of registration, and live there for ≥1 full year. Eligible property types: a brand-new house, a strata unit in a newly built building, a manufactured home placed on registered land, or a substantial-renovation conversion (≥90% interior). Worked example on a $1,050,000 newly built Willoughby townhouse: standard PTT would be $1K + $17K = $18,000; the exemption wipes that to zero. The exemption stacks with the FTHB exemption only in narrow cases — most buyers must pick one. GST applies separately on new construction (5% on the purchase price, with the GST New Housing Rebate available below $450K).