The Home Buyers' Plan lets first-time buyers withdraw up to $60,000 from their RRSP tax-free. Couples can each withdraw up to $60,000 for a combined $120,000.

• Must be a first-time buyer, meaning you haven't owned a home in the past 4 years
• Funds must have been in the RRSP for at least 90 days before withdrawal
• Up to 15 years to repay the amount back into your RRSP
• Unpaid portions in any given year are added to your taxable income

A TFSA lets you save and invest without paying tax on growth or withdrawals. It's an excellent vehicle for building a down payment.

• Contribution room accumulates each year
• Withdrawals are 100% tax-free and can be used for any purpose including a down payment
• Withdrawn amounts are added back to your contribution room the following year
• No repayment obligation, unlike the RRSP Home Buyers' Plan

Launched in 2023, the FHSA combines the best of both the RRSP and TFSA for first-time buyers.

• Contribute up to $8,000 per year, lifetime maximum of $40,000
• Contributions are tax-deductible, just like an RRSP
• Withdrawals to buy a home are completely tax-free
• Must be a Canadian resident, 18 or older, and a first-time buyer
• Unused contribution room carries forward one year
• If you don't end up buying, funds can be transferred to your RRSP penalty-free

Buying a newly built home? You may be eligible for a partial rebate of the GST paid on the purchase price.

• Applies to newly constructed or substantially renovated homes
• Rebate is up to 36% of GST paid, maximum rebate of $6,300
• The home must be your primary place of residence
• BC also offers an additional provincial rebate component
• Full rebate applies on purchases under approximately $350,000 and phases out up to $450,000

As a first-time buyer in BC, several programs may apply to you:

• Property Transfer Tax Exemption, fully exempt from PTT on homes up to $835,000
• First-Time Home Buyer's Tax Credit, a $10,000 federal non-refundable tax credit worth $1,500
• FHSA, tax-deductible contributions and tax-free withdrawals
• RRSP Home Buyers' Plan, withdraw up to $60,000 tax-free

Purchasing a brand new home triggers 5% GST on the purchase price. This must be factored into your budget alongside your down payment.

• Applies to newly built homes, substantially renovated homes, and assignment sales
• Resale homes are generally exempt from GST
• Primary residence purchasers may qualify for the New Housing Rebate
• Investors purchasing rentals may claim the GST as an input tax credit

The PTT is a BC provincial tax paid when a property changes hands:

• 1% on the first $200,000
• 2% on the portion from $200,001 to $2,000,000
• 3% on the portion above $2,000,000
• 5% on the portion above $3,000,000 for residential property

First-Time Buyer Exemption: Fully exempt on homes up to $835,000 if it will be your primary residence.

Beyond your down payment, budget an additional 1.5% to 4% of the purchase price for closing costs:

• Property Transfer Tax, unless exempt as a first-time buyer
• Legal or Notary fees, typically $1,200 to $2,500
• Home inspection, $400 to $700
• Appraisal fee, $300 to $600, sometimes covered by the lender
• Title insurance, typically $200 to $400
• Property tax adjustment, prorated from your completion date
• Moving costs, varies by situation
• GST on new builds, 5% if applicable
• CMHC mortgage insurance, if your down payment is under 20%