First-time buyers in B.C. can save up to $8,000 in property transfer tax on a resale home, up to $50,000 in GST on a new home, and $1,500 through the home buyers’ tax credit. On top of that, an FHSA (up to $40,000 each) and the Home Buyers’ Plan (up to $60,000 each from an RRSP) can help fund the down payment. Enter your details to see your total.
The programs in one place
- B.C. first-time home buyers’ exemption. No transfer tax on the first $500,000 (worth up to $8,000) for homes up to $835,000, phased out by $860,000. You must be a Canadian citizen or permanent resident, have lived in B.C. for 12 months (or filed 2 B.C. tax returns in the last 6 years), never owned a principal residence anywhere, and move in within 92 days.
- Newly built home exemption. Anyone (not only first-time buyers) can be fully exempt on a new home up to $1.1 million, phased out by $1.15 million. You use whichever exemption is larger.
- Federal first-time home buyers’ GST rebate. Up to $50,000 on a new home from a builder, full up to $1 million and phased out at $1.5 million, for agreements made on or after March 20, 2025 and before 2031. It became law on March 12, 2026.
- First Home Savings Account (FHSA). $8,000 a year, $40,000 lifetime per person. Contributions are tax-deductible and qualifying withdrawals are tax-free.
- Home Buyers’ Plan (HBP). Withdraw up to $60,000 each from your RRSP, tax-free, and repay over 15 years. You can use the HBP and an FHSA for the same home.
- First-time home buyers’ tax credit. $10,000 × 15% = $1,500, claimed on your tax return and shared between buyers.
For the full rules, read the first-time home buyer guide for B.C.
Related: buyer closing costs calculator · mortgage payment and CMHC calculator · property transfer tax calculator · presale guide
Want help with your numbers?
Buying your first home? I can help you plan the steps, from pre-approval to keys, and find homes that fit these programs.
Muzaffar Manghat, REALTOR®, Sutton Premier Realty · Call or text 604-785-5555 · Send me a message
Sources
- Government of B.C.: First time home buyers’ exemption
- Government of B.C.: Newly built home exemption
- Finance Canada: GST relief for first-time home buyers (Royal Assent, March 2026)
- CRA: First Home Savings Account
- CRA: Home Buyers’ Plan
- CRA: First-time home buyers’ tax credit (line 31270)
This tool is general information, not financial, tax, mortgage or legal advice. Results are estimates; confirm your figures with your lender, your lawyer or notary and your accountant. This is not intended to solicit buyers or sellers currently under contract with a brokerage.
