First-Time Home Buyer Programs in BC

A summary of grants, rebates, and tax incentives available in 2026

Buying your first home in Metro Vancouver can be expensive, but several federal and provincial programs are available to help reduce the cost.

Depending on your circumstances, these programs can save you thousands of dollars through tax exemptions, rebates, tax credits, and specialized savings plans.

Here are some of the key programs available to first-time buyers in 2026.

Key Things You Need to Know

BC Property Transfer Tax Exemption

Eligible first-time buyers may qualify for a full Property Transfer Tax exemption on existing homes valued up to $835,000, with a partial exemption available up to $860,000.

For newly built homes, a full exemption may be available up to $1,100,000, with a partial exemption up to $1,150,000.

Home Buyers' Plan (RRSP)

Eligible buyers can withdraw up to $60,000 from their RRSP tax-free to help purchase a home. Couples may be able to access up to $120,000 combined.

First Home Savings Account (FHSA)

The FHSA allows contributions of up to $8,000 per year, to a lifetime maximum of $40,000. Contributions are tax deductible and qualifying withdrawals are tax free.

GST Rebate for New Homes

Recent federal legislation expanded the GST rebate for first-time buyers purchasing newly constructed homes.

A full rebate may be available on qualifying homes valued up to $1,000,000, with a partial rebate available up to $1,500,000.

Home Buyers' Tax Credit

Eligible buyers may claim a $10,000 federal tax credit, resulting in a tax savings of up to $1,500.

Potential Savings Available

Program

   Potential Benefit

Property Transfer Tax Exemption

   Up to approximately $8,000 on qualifying resale homes

BC New Home PTT Exemption

   Up to approximately $20,000

GST Rebate on New Homes

   Up to $50,000

Home Buyers' Plan (RRSP)

   Up to $60,000 per buyer available for down payment

First Home Savings Account

   Tax-free growth plus tax deductions

Home Buyers' Tax Credit

   Up to $1,500


Got More Questions?

The expanded GST rebate and increased RRSP withdrawal limits have created meaningful opportunities for first-time buyers, particularly those considering newly constructed homes.

While affordability remains a challenge in Vancouver, these programs can significantly reduce the amount of cash required to complete a purchase.

If you're considering purchasing your first home, I'd be happy to discuss your options and connect you with trusted professionals who can help you take advantage of the programs available in 2026.

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