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.

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. (HST Calculator)

BC First-Time New Home Buyers' Bonus

The BC First-Time New Home Buyers' Bonus is a one-time payment worth up to $10,000 for BC residents who are first-time home buyers and who purchase an eligible new home.


For information from the Ministry of finance click here.


For information from the British Columbia Real Estate Association (BCREA) click here.

First-time homebuyers wish they had a second chance: Report - Vancouver Sun

Buying a first home is one of life’s most significant purchases, and a new poll shows many first-time homebuyers wish
they had done things differently.


More than half of those who were asked said they would make a bigger down payment and that they would buy a home
sooner, the 2012 TD Canada Trust First Time Home Buyers Report found.


“The survey results reveal that people generally want the best of both worlds, to be able to buy a home sooner and to
have a bigger down payment,” said Brett Currah, district vice-president, TD Canada Trust. “What it means at the end of
the day, though, is that planning becomes critical.”


For more information click here.

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