Last week we talked about the Property Transfer Tax exemption for 1^st time home buyers. To qualify, you must be a Canadian citizen or a permanent resident and have lived in BC for 12 consecutive months immediately before the purchase, or filed 2 BC tax returns during the previous 6 years. You must not have owned an interest in a principal residence anywhere in the world at anytime, or ever received a first time home buyers’ exemption or refund. This saving is crucial for many 1^st time home buyers.