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HomeFirst Time Buyer
As of 2025 federal and provincial rules (unchanged as of early 2026), these programs
continue to apply.
Federal tools include the First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP).
British Columbia buyers may also qualify for the Property Transfer Tax exemption.
Closing costs add up quickly and must be budgeted alongside incentives.
Combining incentives can maximize your down payment and reduce upfront costs.
Always check current thresholds and eligibility before making a decision.
Your Path to Smarter Home Financing
The First Home Savings Account (FHSA) allows Canadians to contribute up to $8,000 per year (lifetime maximum $40,000 ). Contributions are tax-deductible, and withdrawals are tax-free when applied toward your first home.
Example: Vancouver Buyer
Want to know how much tax savings you could capture with an FHSA? I can run the numbers for you.
The Home Buyers’ Plan (HBP) lets you withdraw up to $35,000 from your RRSP (per buyer) for your down payment. Couples can combine for $70,000. Repayment is required over 15 years, starting in the second year after withdrawal.
Example: Vancouver Buyer
The Property Transfer Tax (PTT) is a major upfront cost in BC.
Full exemption ≤ $500,000
Partial exemption ≤ $525,000
Must be principal residence and land ≤ 0.5 hectares
| Standard PTT | First-time exemption |
|---|---|
$7600 | $0 |
In addition to down payments and incentives, closing costs typically run 1.5–4% of purchase price. These must be paid upfront.
Legal & notary: $1,200–$2,500
Appraisal: $300–$500
Inspection: $400–$700
Title insurance: $250–$500
GST on new builds: 5% (with rebates for ≤ $450k, partial relief up to $500k)
Want my one-page closing costs checklist? I can send it to make sure nothing sneaks up on you.
| Incentive | Benefit |
|---|---|
FHSA | Tax-free savings up to $40k |
HBP | Up to $35k per buyer from RRSPs |
PTT Exemption | Saves thousands at closing |
CMHC-Insured Mortgage | Allows smaller down payments |
FHSA, HBP, and PTT exemptions reduce upfront costs.
Combining incentives strengthens your down payment.
Closing costs remain significant — budget for them.
Always confirm thresholds before committing.
If you’d like, I can help map which incentives you qualify for under today’s BC rules so you know your true cash-to-close.
Your Path to Smarter Home Financing
The FHSA combines the best features of RRSPs and TFSAs.
Save $40k tax-free
Tax deduction now, tax-free later
Combine with HBP for more power
The HBP allows withdrawals from RRSPs for a down payment.
$35k max per buyer
Couples = $70k
Repay over 15 years
Access up to $35k per person
Repay over 15 years
Works with FHSA
The PTT is one of the largest upfront costs in BC.
Saves thousands upfront
First-time exemption ≤ $500k
Confirm eligibility before closing
Closing costs = 1.5–4% of purchase price.
Example: Vancouver Buyer
| Legal + title | Appraisal | Appraisal | PTT | GST |
|---|---|---|---|---|
$2,000 | $400 | $500 | $12,000 (if not exempt) | $35,000 |
1.5–4% of purchase price
Must be paid in cash
Plan early to avoid surprises
