10/19/2026
🏡 First Home, Big Dreams… and Incentives Worth Knowing About! 💰
Buying your first home in BC? Before you start stress-eating over down payments and closing costs, let’s talk about programs that could help make homeownership more affordable!
Here are four incentives worth exploring:
🔑 BC First-Time Home Buyers’ Property Transfer Tax Exemption
Eligible buyers may save up to $8,000 on property transfer tax for qualifying homes valued up to $835,000, with a partial exemption available for qualifying homes below $860,000. That’s money you could put toward moving costs, furniture, or finally buying a couch that isn’t from your university days!
🛋️💰 First Home Savings Account (FHSA)
Save up to $8,000 annually, to a lifetime limit of $40,000. Contributions are generally tax-deductible, and qualifying withdrawals for your first home are tax-free.
🏦 RRSP Home Buyers’ Plan (HBP)
Eligible buyers can withdraw up to $60,000 from their RRSP to help purchase a qualifying home, subject to program rules. You’ll need to repay the withdrawal over time.
🏗️ Federal First-Time Home Buyers’ GST Rebate
Buying a qualifying newly built home? Eligible first-time buyers may recover up to $50,000 in GST on homes valued at $1 million or less, with a reduced rebate for homes between $1 million and $1.5 million.
✨ The best part? Depending on your circumstances, you may be able to combine multiple programs!
Not sure which incentives you qualify for or how to make them work together? That’s where I come in! As your mortgage broker, I can help you explore your financing options, plan your down payment, and navigate the mortgage process so you can focus on finding a place to call home.
📩 Thinking about buying your first home? DM me before you start house hunting! Let’s make your first step toward homeownership a confident one.