First-Time Home Buyer in BC? Here’s What You Need to Know!
(And yes — you may still qualify even if you haven’t owned a home in the last 4 years or have gone through a spousal separation and lived apart for 90+ days.)
We’ve put together a list of the latest first-time home buyer incentives in BC to help you get into the market with confidence:
- Property Transfer Tax (PTT) Exemption
Buy a home for $835,000 or less and you could qualify for a PTT exemption on the first $500,000 — a savings of up to $8,000!
Partial exemptions may apply even if only one buyer is a first-time purchaser.
- 30-Year Mortgage Amortization
Starting December 2024, insured 30-year amortizations will be available for first-time buyers — helping reduce monthly payments and increase affordability.
- Home Buyers’ Plan (HBP)
Withdraw up to $60,000 tax-free from your RRSP (or $120,000 with a partner) to use toward your down payment.
Must be repaid over 15 years
Funds stay tax-free and your retirement savings can remain invested
- BC New Build PTT Exemption
As of April 2024, newly built homes priced up to $1.1M may be eligible for a full PTT exemption. A great option for those eyeing brand-new properties!
- First-Time Home Buyers’ Tax Credit
Claim up to $1,500 in tax credits to help cover closing costs in your purchase year.
- Tax-Free First Home Savings Account (FHSA)
Save up to $8,000 per year (max $40,000) tax-free for your first home.
Reduces your taxable income
Withdrawals are tax-free when used to buy a home
- BC Home Owner Grant
After you buy, you may qualify for:
• Up to $770/year in property tax relief
• Up to $1,045/year if you’re a senior, veteran, or person with a disability
(Applies to homes up to $2.15M in value.)
Not sure which incentives apply to you?
We’re here to help you understand your options and create a strategy that gets you into your first home
Download my free mortgage toolbox app here: Check out my free mortgage app. It includes everything you need to estimate your home ownership costs. You can also reach me at 604-802-3983 or callateam@countoncalla.ca
https://dlcapp.ca/app/angela-
and let’s get started today!
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Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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