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First Time Home Buyers FTHB

As of December 15, 2024, and with a new announcement in June 2025, several programs and tax exemptions are available to assist first-time home buyers (FTHBs) in British Columbia (BC).

Here's a breakdown of the key benefits and how they apply:

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🏠 Property Transfer Tax (PTT) Exemption

  • Full Exemption: Available for homes priced up to $500,000.

  • Partial Exemption: Applies to homes priced between $500,000 and $860,000, with the exemption amount decreasing as the property value increases.

  • Ineligibility: Homes priced above $860,000 do not qualify for any exemption. 

This exemption can save first-time buyers up to $8,000 on property transfer tax.

🧾 GST Rebate on New Homes

  • 100% GST Rebate: For newly built homes priced up to $1 million, providing savings up to $50,000. 

  • Phased Rebate: For homes priced between $1 million and $1.5 million, the rebate decreases proportionally. 

  • No Rebate: Homes priced above $1.5 million are not eligible. 

This rebate applies to new constructions, including assignment sales and self-built homes.

📅 Extended Amortization Period

  • 30-Year Amortization: First-time buyers can now opt for a 30-year amortization period on insured mortgages, applicable to both new and existing homes. 

  • Benefits: This extension reduces monthly mortgage payments, enhancing affordability.

💰 Enhanced RRSP Home Buyers’ Plan

  • Increased Withdrawal Limit: First-time buyers can withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to finance their home purchase, up from the previous limit of $35,000. 

  • Repayment: The withdrawn amount must be repaid over a 15-year period.

💡 Additional Incentives

  • First Home Savings Account (FHSA): Allows first-time buyers to save up to $40,000 tax-free for their home purchase. 

  • Down Payment Match Program: In select provinces, the federal government offers a 5% match (up to $25,000) on the buyer's down payment savings.

 

These initiatives aim to make homeownership more accessible for first-time buyers in BC by reducing upfront costs and monthly payments. It's advisable to consult with a mortgage professional to understand how these programs can be tailored to your specific situation.

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