FIRST TIME HOME BUYER GRANTS & INCENTIVES IN BC

Buying your first home is a huge milestone - but in a competitive and high-cost market like BC, it can also feel overwhelming. The good news? You can save tens of thousands on your purchase with grants & incentives like the GST exemption, property transfer tax exemptions, and the homeowner property tax grant.

BC First time buyer grants, exemptions & incentives

Provincial Incentives

1. First-Time Home Buyers’ Program (Property Transfer Tax Exemption) 

Full or partial exemption from Property Transfer Tax (PTT) - potentially saving up to $15,000.

Exemption Details:

  • Full exemption for homes valued up to $835,000

  • Partial exemption for homes valued between $835,000 and $860,000

Eligibility Criteria:

  • Must be a Canadian citizen or permanent resident

  • Must have lived in BC for at least 12 consecutive months before purchase, or filed BC taxes 2 of the last 6 years

  • Must have never owned a principal residence anywhere in the world

  • Must not have previously received a first-time home buyers' exemption

Property Requirements:

  • Must be used as your principal residence

  • Home’s fair market value must be $835,000 or less (April 1, 2024)

  • Property must be 0.5 hectares (1.24 acres) or smaller

  • Must contain only residential improvements

2. Newly Built Home Exemption: Save Up to $20,000

If you're buying a brand-new home in the Greater Victoria area, this exemption can save you on Property Transfer Tax.

  • Full exemption for homes up to $1.1 million (as of April 2024)

  • Partial exemption for homes between $1.1M – $1.15M

Eligibility:
Newly built, subdivided, or converted home; under 0.5 hectares; fair market value ≤ $1.1M; principal residence.

Source: BC Government - Newly Built Home Exemption https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/newly-built-home-exemption

3. BC Home Owner Grant

Reduces annual property taxes by $570–$770 depending on location.

  • $570 for Capital Regional District, Metro Vancouver, and Fraser Valley

  • $770 for homes elsewhere in BC

Eligibility:
Property assessed value under $2,175,000 (2025) and principal residence.

Source: BC Home Owner Grant https://www.gov.bc.ca/homeownergrant

Federal Incentives

4. First Home Savings Account (FHSA)

Save up to $40,000 tax-free for a down payment.

  • Contribution limit $8,000/year

  • Lifetime limit $40,000

  • Contributions are tax-deductible, withdrawals are tax-free

5. Home Buyers’ Tax Credit (HBTC)

Non-refundable credit up to $1,500.
Eligibility: first-time buyers within previous 4 years.

6. First Time Home Buyer GST Rebate

Recover a portion of GST/HST paid on new or substantially renovated homes - up to $8,750.
Full federal rebate if home is under $450,000.

Source: CRA - GST/HST New Housing Rebate https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4028/gst-hst-new-housing-rebate.html

7. 30-Year Mortgage Terms

Lower monthly payments with 30-year amortization for insured mortgages.

Eligibility:

  • Must be a first-time homebuyer

  • Mortgage must be insured

Note: total interest paid will be higher than with a 25-year mortgage.

Buying in or around Victoria, BC?

Maximize savings and avoid mistakes in BC's fast-paced real estate market.
Ozon Realty Group helps first-time buyers find the right home, make strong offers, and optimize grants and incentives.

Serving: Victoria, Sidney, Saanich, Langford, Colwood, Sooke, and Vancouver Island.

Ozon Realty Group - Greater Victoria REALTORS®
Phone: 250-588-1941
Licensed & local experts helping first-time buyers.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.