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Buying Real Estate: First Time Buyer Programs

CMHC First Home Loan Insurance (5% down program) for First-time Buyers

Under this program CMHC insures mortgages for 95 per cent of purchase price. The program is open to anyone who has not owned a home as their principal residence, either jointly or separately, in the past five years.

RRSP Home Buyers' Plan for First-time Buyers

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

Property Transfer Tax Exemption for First-Time Buyers

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. To qualify, a buyer must not have owned an interest in a principal residence anywhere. The purchaser must be a Canadian citizen or permanent resident and have resided in B.C. for a minimum of 12 months prior to the purchase or transfer. The exemption is subject to a maximum purchase price depending on location in the province. The property must be an owner-occupied principal residence.

First-Time Home Buyers' Tax Credit

This new tax credit program provides up to $750 in tax relief to eligible first-time home buyers for costs associated with buying their first home, including legal fees and land transfer taxes.

GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.

BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

Contact Richard at (604) 338-8926 for more information!


Phone: (604) 338-8926
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