What Incentives Are Available in BC?

Most first-time buyers in BC should look at four places for savings or help:

• BC Property Transfer Tax (PTT) Exemption
• Federal RRSP Home Buyers’ Plan (HBP)
• Federal First-Time Home Buyer Incentive (shared equity)
• Federal/CRA tax credits and rebates for first-time buyers

You won’t always qualify for all four — that’s where I come in. I can tell you in a couple of minutes which ones fit the home you’re buying and which ones we should skip.

1. BC Property Transfer Tax (PTT) Exemption

In BC, when you buy a property you normally pay a provincial tax called the Property Transfer Tax (PTT). For first-time buyers, BC offers an exemption that can reduce or even eliminate this tax — this is often the biggest upfront savings.

Basic idea: if you’re a true first-time buyer, buying an owner-occupied home in BC within the price limits, you may not have to pay PTT.

Typical conditions include:

• You are a Canadian citizen or permanent resident
• You have never owned a principal residence anywhere in the world
• You’re buying the home as your principal residence in BC
• The property value is within the current BC threshold

If your purchase price is a little over the threshold, you may still get a partial exemption instead of losing it completely.

Not sure if your Cranbrook / Kimberley / Fernie purchase qualifies? Text me the MLS link and I’ll check it for you.

2. RRSP Home Buyers’ Plan (HBP)

The federal Home Buyers’ Plan lets you use money from your RRSP for your down payment without paying tax on it right away. This is a great way for first-time buyers to boost their down payment and lower their mortgage insurance cost.

Key points:

• You can withdraw up to $60,000 per person (2025 rules) from your RRSP
• A couple buying together could potentially access up to $120,000
• The funds usually need to be in the RRSP for at least 90 days
• You repay the amount back into your RRSP over time (typically 15 years)

I’ll tell you whether using your RRSP makes sense for your file, or whether we should leave the RRSP alone and structure the deal differently.

3. Federal First-Time Home Buyer Incentive (Shared Equity)

The federal government has offered a program where they share in the purchase of your home to help lower your monthly payment. It’s not for everyone, but it’s worth checking if you’re trying to keep payments as low as possible.

How it works (in plain English):

• Government provides a percentage toward your down payment
• You repay when you sell or after a set number of years
• They share in the increase or decrease in value
• There are income and purchase price limits

I’ll be honest about this one — sometimes it helps, sometimes it just complicates things. I can tell you quickly if it’s worth using for your purchase.

4. Other Credits First-Time Buyers Forget About

On top of the “big” programs, there are a few smaller ones that can still help with cash flow or tax time:

• First-Time Home Buyers’ Tax Credit – federal tax credit you can claim after you buy
• GST/HST new housing rebates – if you’re buying new or building
• Longer amortization (certain scenarios) for qualifying first-time buyers on new builds

These don’t always show up on lender websites, which is why it’s helpful to run the whole picture past your broker.

Which Incentives Do You Actually Qualify For?

Not every buyer can stack every program. Some are based on your income, some on the property price, and some on whether you’ve owned a home before. The easiest way is to just send me these three details:

1. Your price range or the MLS link
2. Where you’re buying (Cranbrook, Kimberley, Fernie, Invermere, Creston, etc.)
3. Whether you’ve ever owned a home before

I’ll tell you which 2–3 programs to use and which ones aren’t worth the effort.

Want me to check your eligibility?

Send me your price range, where you’re buying, and whether you’ve owned before — I’ll tell you which incentives apply and how to structure your mortgage around them.