FIRST-TIME HOME BUYERS' PROGRAMS BC

Property Transfer Tax (PTT)

The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

If one or more of the purchasers do not qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

For example, if you acquired 60% interest in the property and another person acquired 40% interest but only you meet the qualifications, only your 60% would receive the exemption. Read more about PTT

Newly Built Home Exemption

Are you buying a newly built home in B.C.? You may be eligible for the Newly Built Home Exemption. This tax exemption helps lower or eliminate the amount of property transfer tax you’re required to pay when you’re buying a newly built home worth $1,100,000 or under. A partial exemption is also available for properties with a FMV just above the threshold. The phase out range is $50,000 above the threshold, so properties with a FMV of greater than $1,150,000 will not be able to claim the Newly Built Home Exemption. Check to see if you qualify.

The Home Buyers' Plan 

The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person.

Budget 2024 increased the HBP withdrawal limit from $35,000 to $60,000. The increased withdrawal limit applies to withdrawals made after April 16, 2024. Read more

First Time Home Buyer’s Tax Credit

This credit allows first-time buyers in Canada the opportunity to recover some of the costs associated with their purchase. It helps offset legal fees, inspections, and other similar closing costs.

The First-time Home Buyer’s Tax Credit is a non-refundable credit of $10,000, which equates to a maximum tax rebate of $1500 as of 2023 ($750 until the 2022 budget was approved).

Here are more details for the First Time Home Buyer’s Tax credit.

GST New Housing Rebate

For newly built homes, first time home buyers are able to apply for a GST credit from the government and/or the developer. The GST in BC is equal to 5%, and as a home buyer you may be eligible for a rebate of 36% of the 5% GST. There is a full general rebate for homes that are under $350,000 that a buyer intends on living is an his/her permanent residence, and there are partial rebates up to $450,000. Read more

First Home Savings Account (FHSA)

A first home savings account (FHSA) is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits). It's similar to a Tax Free Savings Account (TFSA). To open an FHSA, you must be 18 years or older, a resident of Canada and a first-time home buyer. Find out more.

Home Owner Grant

Under the B.C. Homeowner Grant, you may be eligible to lower the amount of property taxes you’re required to pay on an annual basis for your principal residence. The amount of tax relief you’re eligible for depends on where you live. For instance, those under 65 years of age residing in the Capital Regional District, Greater Vancouver Regional District, and the Fraser Valley Regional District may be eligible for a grant of $570. Homeowners residing in other parts of British Columbia may be eligible for a grant of $770. Read more