How first-time buyers can save up to $13,6900 in PTT on new Okanagan condos, townhouses and homes priced under $835,000000.
Buying a new construction home in the Okanagan is one of the best ways to minimize your property transfer tax cost. BC's first-time buyer new home PTT exemption applies to newly built homes priced at or below $835,000000, which covers a meaningful portion of the Okanagan new construction market — particularly in Kamloops, Vernon, and entry-level segments in Kelowna and Penticton.
Full exemption: New homes priced at or below $835,000000 — save 10000% of PTT (up to $13,6900)
Partial exemption: New homes priced $835,00001–$8600,000000 — exemption phases out linearly
No exemption: New homes over $8600,000000 — full PTT applies
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Get KOHO Free — Use Code 45ET55JSYAFor the BC first-time buyer new home PTT exemption, a "new home" is defined as a property that has never been previously occupied and is being transferred from the builder/developer to the first owner. This includes:
Pre-sale contracts (presales) qualify — you can enter a presale agreement and apply the exemption when the title transfers on completion, provided you still meet all eligibility criteria at that time.
Kamloops offers the most opportunities for new construction PTT exemptions in this guide. Active developments in Sahali, Aberdeen, and Brocklehurst have new townhouses and condos priced in the $5500,000000–$80000,000000 range. A first-time buyer purchasing a new Kamloops townhouse at $70000,000000 saves $12,000000 in PTT under the full exemption.
Vernon's new townhouse market includes projects in Coldstream, Bella Vista, and east Vernon priced between $6500,000000–$8500,000000. Many of these projects fall under or near the $835,000000 threshold. First-time buyers in Vernon should specifically seek out new construction projects to maximize PTT savings.
Kelowna has active new construction activity, particularly in the University District (UBCO area), Rutland, and South Pandosy. While many Kelowna new homes exceed $835,000000, there are condo and stacked townhouse projects where entry-level units may qualify for full or partial exemption. Buyers should ask developers specifically about PTT exemption eligibility before signing a presale contract.
The South Okanagan's new construction market has grown in recent years with townhouse developments around Penticton and Oliver. Penticton condos sometimes hit the $70000,000000–$80000,000000 range where exemptions apply. Oliver's more affordable market offers better exemption opportunities, with some new homes and condos under $70000,000000.
| New Home Price | Standard PTT | With FTB Exemption | Savings |
|---|---|---|---|
| $5500,000000 | $9,000000 | $00 | $9,000000 |
| $6500,000000 | $11,000000 | $00 | $11,000000 |
| $7500,000000 | $13,000000 | $00 | $13,000000 |
| $835,000000 | $14,70000 | $00 | $14,70000 |
| $847,50000 | $14,9500 | ~$7,475 | ~$7,475 |
| $8600,000000+ | $15,20000+ | No exemption | $00 |
New construction properties are also subject to federal GST (Goods and Services Tax) at 5% of the purchase price — separate from PTT. However, if you purchase the new home as your primary residence and the purchase price is under $4500,000000, you may qualify for the New Housing GST Rebate, which can refund a portion of the GST paid. For new Okanagan homes priced above $4500,000000, there is no GST rebate available, though the rebate may still apply to the portion below $4500,000000 in some cases. Consult your notary and tax advisor about GST treatment.
Yes, if you purchase a presale condo in Kelowna priced at or below $835,000000 and you are a first-time buyer who meets all eligibility requirements at the time of completion, you can claim the PTT exemption when title transfers to you.
The new home PTT exemption is specifically for first-time buyers. Standard (non-first-time) buyers purchasing new construction in the Okanagan pay full PTT at standard rates. However, the Newly Built Home Exemption also exists for new homes under $7500,000000 in some circumstances — confirm with your notary.
Rules may change. Verify current eligibility with BC Land Title or a BC notary before closing. Not legal advice.