If you're buying your first home in BC, there are several government programs designed to help you get into the market sooner, save on taxes, and reduce the financial burden of that first purchase. Some of these programs are incredibly valuable — and a lot of first-time buyers don't know they exist or don't use them correctly.

1. First Home Savings Account (FHSA)

The FHSA is the most powerful savings tool available to first-time buyers in Canada right now — and it's still underused.

• Contribute up to $8,000 per year, up to a lifetime maximum of $40,000
• Contributions are tax-deductible — just like an RRSP
• Investment growth inside the account is tax-free
• Withdrawals for a qualifying first home purchase are completely tax-free

My advice: Open an FHSA as soon as possible — even if you're not buying for two or three years. Contribution room starts accumulating from the year you open the account.

2. RRSP Home Buyers' Plan (HBP)

• Withdraw up to $60,000 from your RRSP (increased from $35,000 in 2024)
• If buying with a partner who also qualifies, you can each withdraw $60,000 — $120,000 combined
• No tax withheld at withdrawal — the money is treated as a loan from yourself
• Repayment begins 2 years after the year of withdrawal, spread over 15 years

You can combine the HBP and FHSA on the same purchase — up to $100,000 per person from these two programs alone.

3. BC Property Transfer Tax (PTT) Exemption

• Full exemption on homes valued up to $500,000
• Partial exemption on homes valued between $500,001 and $525,000
• No exemption for homes over $525,000
• Must be a Canadian citizen or permanent resident who has lived in BC for 12 consecutive months
• Property must be your principal residence

4. CMHC Insured Mortgages

• Purchase with as little as 5% down on homes under $500,000
• The insurance premium is typically added directly to your mortgage balance
• Insured mortgages often carry slightly lower rates than uninsured mortgages

5. GST/HST New Housing Rebate

If purchasing a newly constructed home, you may qualify for a partial GST rebate — up to $6,300 on homes under $350,000, with a sliding scale up to $450,000.

Putting It All Together

Not every program will apply to every buyer — your income, savings, and target property all affect which tools make the most sense. That's exactly what I work through with every first-time buyer I work with.



Learn more about my first-time home buyer services or book a free consultation today. Call me at (778) 988-8409.