Office:  604-928-1361

Jared Gibbons – South Surrey Realtor

South Surrey Realtor | Homes for Sale, Condos & MLS Listings

First-time home buyer incentives in BC

Tools and guides

First-time buyer tools and guides

First-time buyer calculator (PTT, GST, FHSA) GST rebate on new homes FAQ for home buyers in BC Mortgage calculator Using the FHSA and Home Buyers' Plan together Fraser Valley condos and the zero-PTT line 12 first-time buyer questions answered Federal first-time buyer incentives

Homes in the zero-PTT range: Langley condos under $399K · Langley condos under $499K · Fraser Valley condos under $500K · South Surrey condos under $800K

Your first home in BC

Cash to close and first-time buyer programs

What you need in the bank on completion day, and the programs that lower it. Checked against official sources on Oct 29, 2026. Try your own numbers with the first-time buyer calculator.

The three cost buckets

1. Down payment

Minimum: 5% of the first $500,000, plus 10% of the portion from $500,000 to $1.5 million. Homes at $1.5 million or more need 20% down. FCAC
Mortgage loan insurance: with less than 20% down, you'll usually need it. The premium runs from 2.80% (80.01–85% borrowed) to 4.00% (90.01–95%), and it's usually added to your mortgage. CMHC
$1.5 million cap: an insured mortgage is only available on homes priced under $1.5 million (since Dec 15, 2024). Finance Canada
30-year amortization: first-time buyers and new-build buyers with an insured mortgage can take 30 years instead of 25. Lower payments, more interest overall. CMHC adds a 0.20% premium surcharge over 25 years. CMHC FCAC

2. One-time closing costs

Property transfer tax: see the programs table below.
Lawyer or notary: plan on $1,500–$2,000.
Adjustments: you pay the seller back for property tax or strata fees they've already paid past your completion date.
New construction: GST applies, but first-time buyers may get a rebate (see the programs table).

3. Monthly costs

Mortgage payment, strata fees, property tax, utilities and home insurance
A buffer for repairs and any special levies

Worked example

$700,000 resale townhouse, minimum down payment

ItemAmountHow it's worked out
Minimum down payment$45,0005% × $500,000 + 10% × $200,000
Mortgage before insurance$655,000That's 93.6% of the price
Insurance premium (added to mortgage, not cash)$26,2004.00% × $655,000 (90.01–95% tier)
Property transfer tax with the first-time buyer exemption$4,000First $500,000 exempt; 2% on $200,000
Property transfer tax without the exemption$12,0001% × $200,000 + 2% × $500,000
Lawyer or notary$1,500–$2,000Typical range
Cash to close$50,500–$51,000$45,000 + $4,000 + $1,500–$2,000

Also budget for a home inspection, home insurance, adjustments and moving costs.

This example uses a 25-year amortization. On a 30-year mortgage, the premium is 4.20% × $655,000 = $27,510. It's still added to the mortgage, so cash to close doesn't change. CMHC

This is general information, not mortgage or tax advice. Your lender and lawyer will confirm your actual numbers.

Programs for first-time buyers

What's available in 2026

ProgramWhat it doesLimitSource
BC first-time buyer PTT exemptionNo transfer tax on the first $500,000Full at $835,000 or less; partial between $835,000 and $860,000gov.bc.ca
Newly built home exemption (not just for first-time buyers)Transfer tax relief on a new homeFull at $1,100,000 or less; partial up to $1,150,000gov.bc.ca
First-time buyer GST rebateUp to 100% of the GST on a new or substantially renovated homeMax $50,000; full at $1M or less, reduced between $1M and $1.5M, none at $1.5M or moreCRA
FHSATax-deductible savings for a first home$8,000 a year; $40,000 lifetimeCRA
RRSP Home Buyers' PlanWithdraw RRSP savings to buy a home$60,000. Repayment starts the 2nd year after withdrawal (5th year for first withdrawals in 2022–2025). Proposed: the 5th-year delay may extend to withdrawals through Dec 31, 2028.CRA
Home Buyers' AmountNon-refundable tax credit, claimed on line 31270 of your tax returnBased on $10,000, worth up to $1,500CRA
CMHC Home StartInsured mortgage with up to 30-year amortization for first-time buyersInsured mortgage rules apply (under $1.5M). CMHC adds a 0.20% premium surcharge for amortizations over 25 years.CMHC, CMHC premiums
BC Home Owner Grant (not just for first-time buyers)Lowers the property tax on your principal residence each year. You must apply every year2026 full-grant threshold: $2,075,000 assessed. Regular grant: up to $570 in the Lower Mainlandgov.bc.ca

Good to know

FHSA and HBP together: you can use both for the same home if you meet the conditions for each. CRA
GST rebate on a $700,000 new build: at 5% GST, up to $35,000. Applies to builder agreements signed on or after March 20, 2025, and before 2031. CRA GST/HST Memorandum 19-3-10
Each program has its own rules. Citizenship or residency, principal residence, and "first-time buyer" definitions differ, so confirm eligibility with your lawyer and lender.

No longer available or not yet open

CMHC First-Time Home Buyer Incentive: closed. Applications ended March 21, 2024. CMHC
Canada–BC condo conversion (rent-to-own): announced June 2026. Details aren't final, and you can't apply yet. BC Gov News

Calculators

Property transfer tax: the Province's calculator is under "Estimate your taxes" on the property transfer tax page. See the calculation examples.
Mortgage insurance premium: CMHC premium calculator
Annual property tax, Surrey: the 2026 rates total $3.42731 per $1,000 of assessed value for residential, plus a $300 capital parcel tax and drainage parcel taxes. A $700,000 home works out to about $2,399 before the Home Owner Grant and flat charges.
Annual property tax, Township of Langley: property tax rates
Your numbers: first-time buyer calculator

Buying a condo or townhouse? Read my strata checklist before you remove subjects. It covers minutes, the reserve fund, the depreciation report, bylaws and the warranty.

Property transfer tax

How the first-time buyer PTT exemption works

BC calls its land transfer tax the property transfer tax (PTT). It's charged on the fair market value of the home, in brackets that rise with the price. If you qualify as a first-time buyer, the first $500,000 is exempt. On a home above $500,000 you pay the regular rates on the rest, up to the price limits in the programs table above.

PTT rates

Portion of the priceRate
First $200,0001%
$200,000 to $2,000,0002%
$2,000,000 to $3,000,0003%
Over $3,000,0005%

The 5% rate applies to the residential portion over $3,000,000.

Exemption by price, from April 1, 2024

Home priceExemptPTT payable
$500,000$8,000$0
$600,000$8,000$2,000
$700,000$8,000$4,000
$800,000$8,000$6,000
$835,000$8,000$6,700
$855,000$1,600$13,500
$860,000$0$15,200

Example: $510,000 home in Surrey

The first $500,000 is exempt, so you only pay PTT on the last $10,000. The full PTT bill is $8,200, the exemption covers $8,000, and $200 is owing.

LineAmount
1% on the first $200,000$2,000
2% on the next $310,000$6,200
Full PTT$8,200
First-time buyer exemption−$8,000
PTT owing$200

Example: $500,000 home in Langley with a partner who isn't a first-time buyer

When you buy with someone who doesn't qualify, the exemption only applies to your share. If you each own 50%, you get 50% of the $8,000 exemption, which is $4,000. The other $4,000 is owing.

LineAmount
1% on the first $200,000$2,000
2% on the next $300,000$6,000
Full PTT$8,000
Exemption at 50%−$4,000
PTT owing$4,000

Who counts as a first-time buyer

BC's test is stricter than the federal one. For the PTT exemption, you can never have owned an interest in a principal residence anywhere in the world. The federal Home Buyers' Plan only looks back four years, so someone who sold a home more than four years ago can count as a first-time buyer federally but not for BC's PTT exemption. Federal benefits are covered in first-time buyer incentives in Canada. Saving with a partner? See how the FHSA and the Home Buyers' Plan work together.

FAQ

Frequently asked questions

Who qualifies as a first-time home buyer in British Columbia?

To qualify for BC’s First-Time Home Buyers’ Property Transfer Tax Exemption, you must be a Canadian citizen or permanent resident, have lived in BC for 12 consecutive months immediately before registration (or filed at least 2 BC income tax returns in the past 6 years), and have never owned a registered interest in a principal residence anywhere in the world at any time.

What is the BC First-Time Home Buyers’ Property Transfer Tax exemption limit in 2026?

Since April 1, 2024, qualifying first-time buyers pay zero BC Property Transfer Tax on the first $500,000 of a principal residence’s fair market value when the purchase price is $835,000 or less (saving up to $8,000). A partial phased-out exemption applies between $835,000 and $860,000, and properties over $860,000 or larger than 0.5 hectares do not receive the full exemption.

How does the BC Newly Built Home Exemption work for first-time and move-up buyers?

If you buy a newly built condo, townhome, or house in BC with a fair market value of $1,100,000 or less and move in as your principal residence, you can qualify for a full BC Property Transfer Tax exemption of up to $20,000, with a partial exemption phasing out between $1,100,000 and $1,150,000.

Can I combine the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan (HBP)?

Yes. Qualifying first-time buyers in Canada can combine tax-free FHSA withdrawals (up to $8,000 per year in contribution room, $40,000 lifetime limit per person) with RRSP Home Buyers’ Plan withdrawals (up to $60,000 per person, repaid over 15 years starting the second year after the withdrawal, or the fifth year for first withdrawals made from 2022 to 2025, with a proposed extension of that relief to December 31, 2028) on the same home purchase.

What happens if I buy a home in BC with a partner who is not a first-time buyer?

BC calculates the First-Time Home Buyers’ Property Transfer Tax Exemption based on each buyer’s proportional registered interest on title. If you qualify as a first-time buyer and take a 50% share on title with a partner who has owned a home before, you can still claim 50% of the eligible exemption.

How long must I live in the home to keep my BC First-Time Home Buyers’ PTT exemption?

For an existing home, you must move into the property within 92 days of the date it is registered at the Land Title Office and continue to occupy it as your principal residence for the remainder of the first year after registration to retain the full exemption.

How can Jared Gibbons help me plan a first-time home purchase in the Fraser Valley or South Surrey?

I have been a licensed Fraser Valley REALTOR® since 2015 with $500M+ in sales, 10 straight years in the FVREB Medallion Club (Top 1%), and a 5.0 Google review rating. I walk first-time buyers through PTT thresholds, strata depreciation reports, bylaw restrictions, and recent comparable sales before you write an offer—call or text 604-928-1361.

Related

First-time buyer searches and guides

First-Time Buyer Calculator GST Rebate on New Homes in BC FAQ for Home Buyers in BC BC Mortgage Calculator Fraser Valley Condos Under $500K Langley Condos Under $499K South Surrey Condos Under $800K Chilliwack Condos Under $800K Surrey Condos for Sale Langley Homes for Sale South Surrey Homes for Sale Chilliwack Homes for Sale

Client reviews

What clients say

Five-star reviews from first-time buyers I have helped, posted on Google and Trustindex. Quoted word for word, with the name, date and source on each card.

★★★★★ 5 out of 5 stars, Google review

“As first-time home buyers, we are so grateful we had Jared guiding us every step of the way. He was always quick to respond to texts, emails, and questions. …”

S.E.22 May 2026

★★★★★ 5 out of 5 stars, Trustindex review

“Jared's knowledge of the Langley real estate market is second to none. As newcomers to home buying, his guidance was invaluable. He helped us navigate every step with ease, resulting in the purchase of our dream home. Highly recommend Jared for any first-time buyers out there!”

Rehman16 May 2024

Read all my reviews on Google

Written by Jared Gibbons, REALTOR® — Royal LePage Little Oak Realty · Licensed in the Fraser Valley since 2015 (11+ years) · 10 consecutive years FVREB Medallion Club · Top 1% of Fraser Valley REALTORS® · #8 of 5,061 FVREB REALTORS® · Top 10 Royal LePage in BC · Top 35 Under 35 · Diamond and Hall of Fame awards · $500M+ in career sales · 5.0 client rating across 95 Google reviews. I grew up on a farm in Langley and I'm back living here now, helping buyers and sellers across Surrey, South Surrey, White Rock, Delta, Langley, Abbotsford, and Chilliwack.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.