Buying your first home in British Columbia is one of the biggest financial decisions you will ever make. The good news is that both the federal and provincial governments offer several programs to help reduce your costs.
This guide covers every grant, rebate, and program available to BC first-time buyers in 2026 — and how to stack them together for maximum savings.
First Home Savings Account (FHSA)
The FHSA is a registered account that combines the best features of an RRSP and a TFSA. You can contribute up to $8,000 per year (lifetime max $40,000), and contributions are tax-deductible. When you withdraw funds for your first home purchase, the withdrawal is completely tax-free.
This is the single most powerful tool for first-time buyers in Canada. If you have not opened one yet, do it now — even if you are not planning to buy for a few years.
RRSP Home Buyers' Plan (HBP)
The Home Buyers' Plan allows you to withdraw up to $60,000 from your RRSPs (or $120,000 per couple) to buy or build a qualifying home. The withdrawal is tax-free, but you must repay the amount over 15 years.
You can use both the FHSA and HBP together. For a couple, that means up to $200,000 in tax-advantaged funds toward your down payment.
BC Property Transfer Tax (PTT) Exemption
BC charges a Property Transfer Tax on all real estate purchases. For first-time buyers, there is a full exemption for properties up to $835,000 (with a partial exemption up to $860,000). For a $835,000 home, this saves you approximately $15,000.
- You must be a Canadian citizen or permanent resident.
- You must have lived in BC for at least 1 year before purchase (or filed 2 BC tax returns in the last 6 years).
- The property must be your primary residence.
- You have never owned a principal residence anywhere in the world.
Newly Built Home PTT Exemption
If you are buying a brand-new home (never been lived in), you may qualify for an additional exemption on the PTT. This applies to properties valued up to $1,100,000 with a full exemption up to $500,000 of the fair market value. This can be combined with the first-time buyer exemption.
Federal First-Time Home Buyer Tax Credit
The Home Buyers' Tax Credit provides a $10,000 non-refundable tax credit, which translates to $1,500 in tax savings at the 15% federal rate. You claim this on your tax return for the year you purchased your home.
GST/HST New Housing Rebate
If you bought a newly constructed home, you may be eligible for a GST rebate of up to 36% of the GST paid, to a maximum rebate of $6,300 (for homes up to $350,000). A partial rebate is available for homes between $350,000 and $450,000.
How to Stack These Programs Together
Here is an example of how a first-time buyer couple in Richmond, BC could save:
- FHSA contributions (2 accounts): Up to $80,000 tax-free
- HBP withdrawals (2 RRSPs): Up to $120,000 tax-free
- BC PTT exemption (on $835K home): ~$15,000 saved
- Federal Home Buyer Tax Credit: $1,500 saved
- Total potential benefit: $216,500+ in combined savings and tax-free funds
Get Personalized Guidance
Every buyer's situation is different. At Echelon7 Mortgages, we help first-time buyers across Richmond, Vancouver, and all of BC navigate these programs and find the best mortgage rate from 30+ lenders. Contact us for a free consultation.