Up to now, first time homebuyers in BC would be eligible for a full rebate of the Property Transfer Tax if the purchase price of their new home was under $500,000. Of course nowadays it is literally impossible to buy a house, or even a townhouse, for under $500,000. Even the average price of a 2 bedroom condo is well above that now. Thankfully the Province has finally seen fit to update their calculations. Moving forward, first time homebuyers will be eligible for a complete PTT rebate for any property with a fair market value under $835,000. This represents a relief of up to $14,700.