First-Time Home Buyer Programs in BC: 2026 Eligibility Guide

What Counts as a "First-Time Buyer" in BC

Each program has its own first-time-buyer definition, residence test, timing rules and documentation. A buyer may qualify for one program but not another. Check eligibility separately against each linked official source rather than relying on a single four-year rule.

1. First Home Savings Account (FHSA)

The FHSA, launched in 2023, combines features of an RRSP and a TFSA for eligible first-time buyers:

• Contributions are tax-deductible (like an RRSP)

• Withdrawals for a qualifying home purchase are tax-free (like a TFSA)

• Annual contribution room: $8,000/year, $40,000 lifetime limit

• Unused room carries forward up to $8,000/year

Where both partners qualify and each builds the lifetime maximum, that can provide $80,000 of combined tax-advantaged savings. The value and timing of contribution deductions depend on each person's tax situation.

Opening an FHSA creates current-year participation room but also starts the account's maximum 15-year participation period. Consider the timing, contribution limits and tax effect with a qualified adviser and the CRA's current FHSA rules.

2. Home Buyers' Plan (HBP) — RRSP Withdrawal

The HBP lets first-time buyers withdraw up to $60,000 per person from their RRSPs (raised from $35,000 in 2024) tax-free, as long as the money is used for a qualifying home and repaid over 15 years.

Two fully funded eligible buyers could combine up to $120,000 of HBP withdrawals and $80,000 of FHSA withdrawals, subject to each program's distinct rules. Available funds, deductions, tax effects and repayment obligations depend on actual contributions and eligibility.

Watch two details: contributions generally must remain in the RRSP for at least 90 days before they can support an HBP deduction, and required repayments depend on the withdrawal year and current transition rules. A required amount that is not repaid is generally included in income, so confirm the schedule shown in the CRA account before planning cash flow.

3. BC First Time Home Buyers' Program — PTT Exemption

BC Property Transfer Tax generally applies to taxable property transfers, subject to exemptions. The general rate is 1% on the first $200,000, 2% on the portion from $200,000 through $2 million, 3% on the portion above $2 million, plus a further 2% on the residential portion above $3 million. Before any exemption, the tax on a $900,000 property would be $16,000.

For a qualifying purchase registered after April 1, 2024, a home with a fair market value of $835,000 or less can receive an exemption on the tax otherwise payable on the first $500,000 of value. A proportional exemption can apply above $835,000 and below $860,000; at $860,000 or more, the price threshold is not met. Other eligibility rules, including property size and principal-residence requirements, also apply.

This is not an exemption from every dollar of PTT at every price. Use the Province's current calculator and eligibility page for the actual registration date and property.

4. Newly Built Home Exemption

If you're buying a qualifying newly built home, BC offers a separate PTT exemption. The full fair-market-value threshold is $1,100,000, with a proportional exemption above $1,100,000 and below $1,150,000. This can be relevant for a newly built condo or townhouse, but the property and purchaser still must satisfy the full program rules.

You need to occupy as your principal residence within 92 days and live there at least a year. It stacks with the federal FHSA/HBP, but not with the standard First Time Home Buyers' Program (you pick one).

5. First-Time Home Buyer Tax Credit

This is a non-refundable federal tax credit. Eligible buyers can claim a home buyers' amount of up to $10,000 for a qualifying home; the actual tax reduction depends on the federal credit rate and tax otherwise payable. It is claimed on the tax return rather than paid automatically.

Small dollars relative to the others on this list, but every dollar matters in the first year of homeownership.

6. First-Time Home Buyers' GST/HST Rebate

Applications are open for the federal First-Time Home Buyers' GST/HST rebate. Eligible first-time buyers may receive a full rebate of the GST, or federal part of HST, on a qualifying new or substantially renovated home valued up to $1 million, with a reduced rebate between $1 million and $1.5 million. The maximum federal rebate is $50,000.

Timing and eligibility conditions matter. For a builder purchase, the agreement generally must be entered into on or after March 20, 2025 and before 2031; separate construction and completion deadlines apply. Review the CRA rules for the exact transaction rather than relying on the older $450,000 threshold for the existing general new-housing rebate.

7. CMHC's First-Time Home Buyer Incentive Wind-Down

You may have heard of the federal First-Time Home Buyer Incentive — the shared-equity program where the government took a small ownership stake in exchange for helping with down payment. That program is being wound down: no new applications are being accepted as of March 2024.

It is no longer available for new applications, so do not include it in a 2026 down payment plan.

8. CMHC Mortgage Loan Insurance (Down Payment Below 20%)

Not technically a "program" but worth knowing: an eligible owner-occupied mortgage with less than 20% down generally requires mortgage default insurance through an approved insurer. Subject to insurer and lender rules, the premium is usually added to the mortgage; provincial sales tax on the premium, where applicable, cannot be added.

The trade-off is that a lower down payment may allow an earlier purchase while adding an insurance premium to the mortgage. The amount depends on the loan-to-value ratio and insurer rules, so calculate it for the actual price and down payment rather than using a generic estimate.

9. Check Current Local and Employer Benefits

Do not assume a municipal or employer benefit exists. Check the current municipality and employer sources directly, and confirm whether any assistance affects down payment documentation or lender approval before relying on it.

How the Programs Actually Stack Together

Here's what a real Burnaby first-time buyer might combine in 2026:

• FHSA: $40,000 from each partner ($80,000 total) — withdrawn tax-free

• HBP: up to $60,000 from each partner ($120,000 total), subject to the HBP conditions and repayment rules

• Potential down payment funds: up to $200,000 across two fully funded FHSAs and two maximum HBP withdrawals, before considering other savings

• BC newly built home exemption: potentially full PTT relief at a $1.05 million fair market value if every purchaser and property condition is met

• Federal home buyers' amount and FTHB GST/HST rebate: separate eligibility and tax calculations apply

The accounts can be combined when each program's rules are met, but the tax and fee benefit cannot be summarized responsibly without the buyers' contributions, tax position, property, dates and eligibility.

What to Do This Week

Whether you're 6 months or 3 years from buying, take these steps:

1. Open an FHSA at your bank or brokerage. The room only accrues once the account exists.

2. Run the numbers on your RRSP — if you have meaningful balance, the HBP is real money.

3. Request a pre-approval to establish a conditional working range using current information. It is not final approval of the borrower or property.

4. Talk to a broker about which programs apply to your situation. Some have surprising eligibility rules (newcomers, recent divorce, etc.) that reward asking questions.

Whether you're looking at condos in Burnaby, townhouses in Port Coquitlam, or a starter detached in Pitt Meadows, the programs are the same — but the right combination depends on your specific numbers.

Official sources reviewed August 11, 2026

Review the Programs Against Your Actual File

Milka Lukacevic helps buyers across the Lower Mainland organize mortgage documentation and compare available lender options. Program eligibility, tax treatment and property-transfer-tax exemptions should also be confirmed with the relevant government source and a qualified tax or legal professional where appropriate.

Book a consultation or call (604) 340-7673.