5 First Time Home Buyers’ Exemption

• 5 (1) Subject to subsections (1.01) and (1.1) and sections 6 to 11, a transferee who applies for registration, at a land title office, of an eligible transaction in respect of a qualifying property is exempt from the obligation to pay tax under section 2(1)(a) on the amount of that transaction set out in subsection (1.01) if

• (a) the transferee is a first time home buyer, and
• (b) the transferee applies for an exemption under this section or section 6 by tendering with the application for registration an application for exemption.

• (1.01) For the purposes of subsection (1), the amount to which the exemption applies is the lesser of

• (a) the fair market value of the property, and
• (b) $500 000.

• (1.1) If the fair market value of a qualifying property exceeds the qualifying value of the property, the exemption under subsection (1) is the amount calculated as follows:

Where

• E is the amount of the applicable exemption under subsection (1),
• FMV is the fair market value of the qualifying property, and
• QV is the qualifying value of the qualifying property.

• (2) An application for exemption under subsection (1) must be in the form required by the minister and must

• (a) include a declaration, in the form required by the minister, by which the transferee declares that the transferee is a first time home buyer,
• (b) disclose that the property to which the eligible transaction relates is a qualifying property, and
• (c) include a consent, in the form required by the minister, by which the transferee consents to the administrator conducting inquiries respecting the transferee that the administrator considers necessary to confirm the qualifications of the transferee for the exemption.

1987-15-3.21(1), (2); 1994-14-4, effective March 23, 1994; 2003-3-31, effective February 19, 2003; 2008-10-90, effective February 20, 2008; 2016-3-49, effective February 17, 2016; 2024-13-172.