General information only — not legal, tax, financial, or real-estate advice. Verify with a licensed BC professional before acting.
Buying your first home in BC in 2026 involves seven different federal + provincial programs. This is the full inventory — what each is, who qualifies, and how they stack.
Withdraw up to $60,000 tax-free from your RRSP (as of 2024). Must repay over 15 years starting the second year after withdrawal. Both partners can each withdraw $60K — combined $120K if both are first-timers.
Contribute up to $8,000/year (lifetime cap $40,000). Contributions are tax-deductible AND withdrawals for a qualifying home are tax-free. Can be combined with HBP.
Full exemption if the purchase price is $835,000 or less (2024 threshold). Partial exemption between $835K–$860K. Must have never owned an interest in a home anywhere in the world. Must occupy within 92 days.
36% GST rebate on new homes ≤ $350K; sliding scale to zero at $450K. Does not apply to resale homes.
Reduced-rate BC-backed mortgage program for qualifying first-time buyers meeting income + purchase-price caps. Program parameters change annually — verify with your mortgage broker at time of application.
$1,500 non-refundable tax credit ($10,000 × 15%) on your income tax return, year of purchase.
5% down on the first $500K + 10% on any portion above $500K up to $1M. Homes over $1M require conventional (20%) financing.