This threshold also applies in the Greater Vancouver, Central Fraser Valley, Dewdney Allouette, and Fraser Cheam Regional Districts. The purchaser must be a Canadian citizen or permanent resident of Canada who has resided in British Columbia for twelve consecutive months prior to the purchase date. They must never have previously held a registered interest in a principal residence anywhere in the world. Prior ownership of non-residential real estate is not a disqualifier.
Financing can be a sticky point.
It is also mandatory that the loan be for a term of at least one year. If the term is for less than a year or the mortgage is a demand mortgage which does not state the term on its face, the purchaser must pay the tax at the time of purchase and apply for a refund at the end of the year. Vacant land can qualify for the exemption but construction of the residence must be completed within the year following registration and the purchasers must reside on the property for the remainder of the year. The fair market value of the land and the cost of building the residence must not exceed the maximum allowable values set out above. Only a partial exemption will apply.