First-Time Home Buyer Programs in BC

A registered plan that lets you save up to $40,000 tax-free for your first home. Contributions are tax-deductible (like an RRSP) and withdrawals for a home purchase are tax-free (like a TFSA).

• Contribute up to $8,000 per year
• Lifetime contribution limit of $40,000
• Tax-deductible contributions reduce your income tax
• Tax-free withdrawals when used for a qualifying home
• Can carry forward unused contribution room (max $8,000)
• Available to Canadian residents aged 18-71 who haven't owned a home

Withdraw up to $60,000 from your RRSP tax-free to buy or build your first home. You must repay the amount over 15 years, starting the second year after the withdrawal.

• Withdraw up to $60,000 tax-free ($120,000 per couple)
• Funds must be in your RRSP for at least 90 days
• Repay over 15 years (minimum 1/15th per year)
• Can be combined with FHSA for maximum savings
• Must not have owned a home in the last 4 years

First-time buyers can be fully exempt from BC's Property Transfer Tax on homes up to $500,000, with a partial exemption for homes up to $525,000.

• Full exemption on homes up to $500,000
• Partial exemption between $500,000 and $525,000
• Must be a Canadian citizen or permanent resident
• Must have lived in BC for 12+ consecutive months
• Must not have previously owned a home anywhere in the world
• Property must be your principal residence

Buy a brand-new or pre-sale home and get a full PTT exemption on homes up to $750,000, or a partial exemption up to $800,000. Can be combined with the first-time buyer exemption.

• Full exemption on new homes up to $750,000
• Partial exemption between $750,000 and $800,000
• Applies to pre-sale condos and newly constructed homes
• Must be your principal residence
• Particularly relevant for Oakridge Park and Cambie Corridor pre-sales

A non-refundable tax credit of up to $10,000, providing up to $1,500 in federal tax relief in the year you buy your first home.

• Claim up to $10,000 on your tax return
• Provides up to $1,500 in tax relief
• Claimed in the year you buy your first home
• Both you and your spouse can claim if eligible

If you buy a newly built home, you may qualify for a rebate of part of the GST paid. In BC, the rebate can be up to 36% of the GST on homes up to $350,000, with a partial rebate up to $450,000.

• Rebate of up to 36% of the 5% GST paid
• Maximum rebate of $6,300
• Applies to new construction and major renovations
• Partial rebate for homes between $350,000 and $450,000
• Often assigned to the builder and reflected in the purchase price