At Maguire & Company, we know that a first home purchase is an exciting time in the life of anyone fortunate enough to realize this dream. While there is much to know and organize in what seems to be a relatively brief period, remember to keep it fun! Use the resources available to you here and through your Realtor to become informed and in control of your home purchase. It is because we take the extra time with our first-time clients to explain and guide them through the conveyancing process that they make such great repeat customers!

To get started, we recommend that you begin with a look at the General Information found on our Property Transfers page. Then below you will find First-Timer Specific Information which will be of particular interest to those new to the process. If you have a question that has not been addressed here, we encourage you to ask it. Should you require a more immediate or transaction-specific response, however, please do not hesitate to involve your real estate professional or contact us directly.

Where can I get objective information about home buying/financing and relevant federal government assistance programs?
A good place to start would be CMHC. They have general information regarding home buying. As a first-timer, you may also want to investigate the CRA Home Buyer Program to allow use of RRSP funds toward the downpayment of your first home. Note that the criteria to qualify as a "First-Time Buyer" vary from program to program.

How do I qualify and apply for the First-Time Home Buyer Property Transfer Tax exemption?
There are a number of criteria which must be met prior to and for the first year after the registration of your first home in order to qualify under this program for exemption from the PTT. Having never owned a home before is just one of many factors to be considered. If it is your expectation to participate in this program, we recommend that you preview the conditions for exemption and review the explanatory brochure. If you are still unsure about their interpretation for your particular circumstances, you may also contact the PTT Info Line by telephone at 1 (250) 387-0604 (tip: once the menu is offered, hit "0" to reach a real person). As part of our service to you, we shall complete the appropriate PTT Return/Application for Exemption form for you to be signed at your appointment.

What's the difference between Property Transfer Tax and property tax and what is the Home Owner Grant?
PTT is a provincial tax triggered upon transfer of property whereas property taxes are paid annually (usually in the middle of the calendar for which they apply) to the taxation authority responsible for the area in which the property is located. Rural taxes are collected by the BC Government Agent for areas in the Province not within a municipal jurisdiction but most property taxes are billed by and paid to the appropriate "City Hall". Regardless of the collector, however, a provincial grant (the Home Owner Grant or HOG) is available, subject to eligibility, to those who own the property in which they live and is claimed at the time of payment.