Buying a home · First-time buyers
BC and the federal government both have programs designed to make a first home more affordable. The biggest single one is the BC First-Time Home Buyer PTT exemption, which can save you thousands at closing. The smaller ones (the federal Home Buyers' Plan, the First Home Savings Account) help on the funding side.
The big one
Property Transfer Tax (PTT) is the BC tax payable when title to real property changes — usually the largest single closing cost on a residential purchase. The First-Time Home Buyer Program waives PTT in full on qualifying purchases up to a price threshold, with a partial exemption in a phase-out band above that.
To qualify, you need to be a Canadian citizen or permanent resident, have meaningful BC residency or tax-filing history, never have owned a principal residence anywhere in the world, and intend to occupy the property as your principal residence shortly after closing.
The thresholds change from time to time, so we confirm the current numbers on every first-time-buyer file before relying on the exemption. More on PTT and how the brackets work.
Federal programs
Effective March 20, 2025 (through January 1, 2031), first-time buyers of new construction can claim up to $50,000 back on the federal GST. The rebate is full at a purchase price of $1,000,000 or less — net GST after the rebate is zero — phases out linearly between $1,000,000 and $1,500,000, and is unavailable above $1,500,000. To qualify you have to be at least 18, a Canadian citizen or permanent resident, with no principal residence anywhere in the world during the calendar year of purchase or the four preceding calendar years, and not a previous claimant of this rebate. Spouses and co-purchasers must also qualify. We confirm eligibility and file the rebate at closing on every new-construction file. Estimate the net amount with our GST calculator.
Lets you withdraw funds from your RRSP tax-free toward a first home purchase, repayable to the RRSP over a defined period. The withdrawal limit is set by the federal government and is updated periodically. The HBP is administered by the CRA — your bank or RRSP issuer processes the withdrawal — but the timing of the withdrawal needs to line up with your mortgage funding, which we coordinate with your lender at closing.
A registered account that combines RRSP-style deductibility on contributions with TFSA-style tax-free growth and withdrawals for a first home purchase. Annual and lifetime limits apply. The FHSA can be combined with the HBP. As with the HBP, your financial institution administers the account and processes the withdrawal; we ensure the closing accommodates the funding timing.
What to expect on your first closing
Your minimum down payment (5% on the first $500,000, 10% on the portion above that, up to a $1.5M qualifying ceiling for insured mortgages), plus closing costs of roughly 2 to 4 percent of the purchase price. PTT is the dominant line item — and the exemption can wipe out most of it if you qualify.
Usually the day after closing — your contract will set out a possession date, often one business day after the completion date. Your realtor releases the keys at the time set out in the contract.
Paid up front (usually within 24 hours of subject removal) and held in trust. Counts toward your down payment at closing. If the deal falls through after subject removal because of something other than a contract breach by the seller, the deposit may be at risk.
If you have a mortgage, yes — your lender will require an insurance binder confirming coverage by closing. If you are buying a strata, the strata corporation's policy covers the building; you still need insurance for your unit (improvements and contents) and personal liability.
We send you a reporting letter with the registered title, the registered mortgage particulars, copies of all signed documents, and the final accounting. Keep a copy for your records — your future accountant and any future buyer's lawyer will eventually want it.
Frequently asked
For the BC First-Time Home Buyer PTT exemption, you have to be a Canadian citizen or permanent resident, have lived in BC for at least one of the past two years (or filed BC income tax for at least two of the past six years), have never owned a registered interest in a principal residence anywhere in the world, and intend to occupy the property as your principal residence within a defined window after closing. The federal Home Buyers' Plan and the First Home Savings Account use a slightly looser definition — you can qualify federally even if you have owned a home before, as long as you have not occupied one as a principal residence in a recent qualifying window.
Up to a five-figure number. On a qualifying purchase under the full-exemption threshold, PTT is waived entirely. In the partial-exemption band above the threshold, you pay PTT on a reduced basis. Above the phase-out limit, the exemption no longer applies. Because the Province updates the thresholds and phase-out limits from time to time, we always confirm the current numbers on every file rather than quoting from memory.
The HBP lets first-time buyers withdraw funds from their RRSPs tax-free to put toward a home purchase, with the requirement that you repay the withdrawal back into your RRSP over a defined number of years. The withdrawal limit is set by the federal government and adjusts over time. Coordinating the HBP withdrawal with your mortgage funding and closing date is a small but real piece of the file.
A federal registered account for prospective first-time buyers. Contributions are tax-deductible (like an RRSP) and qualifying withdrawals for a first home purchase are tax-free (like a TFSA). Annual and lifetime contribution limits apply. The FHSA can be used together with the HBP. Most first-time buyers using one or both will already have spoken to their accountant or financial advisor before they get to us; if not, we can flag the documentation requirements at closing.
Yes. The First-Time Home Buyer Program requires that you intend to occupy the property as your principal residence within a defined window after closing (currently 92 days), and that you continue to occupy it for a defined minimum period. If you do not meet the occupancy requirement, the Province can reassess and require you to pay the PTT plus interest. We make sure the certifications on file at closing accurately reflect your intent.
The first-time-buyer exemption is allocated based on each owner's qualifying status. If one of you qualifies and one does not, you may still be able to claim a partial exemption based on the qualifying owner's share. We work through this on the file and confirm with you what the net PTT will be before you fund.
We'll confirm whether you qualify for the PTT exemption, give you a flat-fee quote, and walk you through the closing — including the HBP and FHSA timing if you're using either.