Land Transfer Tax Exemption

The FTHB Program allows qualified first-time home buyers to get either a full refund (for properties up to $500,000) or a partial exemption (only for properties up to $525,000) from paying the Property transfer tax. This means that first time homeowners can avoid a tax bill of up to $8,000. 

RRSP Home Buyers’ Plan

The Home Buyers’ Plan (HBP) is a program that allows each individual to borrow up to $35,000 from their RRSP to use it as a downpayment to purchase their first home. 

BC Home Owner Grant

The "Home Owner Grant" reduces the amount of property tax you pay for your principal residence. The basic grant is up to $570 on residence in the Capital, Greater Vancouver and Fraser Valley regional districts. 

Home Buyer's Tax Credit 

The Home Buyer's Tax Credit allows first time home purchasers, and purchasers with disabilities, to claim up to $5,000 in the year when they purchase a home.

Newly Built Home Exemption

There is a property tax exemption for newly built homes, whether or not you're a first-time home buyer. The property with a fair market value between $750,000 and $800,000 may be eligible for a partial exemption.

GST/HST New Housing Rebate

New home buyers can claim a GST rebate towards a purchased property that is under $350,000. The property must be your primary residence to be qualified for GST/HST new housing rebate. 

First Time Home Buyer’s Incentive

The new program helps eligible first time home buyers reduce their monthly mortgage payments through shared equity mortgage with the Government of Canada. The government would contribute 5% towards the purchase of an existing home, and 5% or 10% for newly constructed home.