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| Program | Benefit | Value |
|---|---|---|
| BC PTT First-Time Buyer Exemption (new) | Full PTT exemption on new construction | Up to ~$13,000+ |
| BC PTT First-Time Buyer Exemption (resale) | Full PTT exemption on resale homes | Up to ~$8,000 |
| FHSA (federal) | Tax-deductible + tax-free withdrawals | $40,000 lifetime |
| RRSP Home Buyers' Plan (federal) | Withdraw RRSP for down payment | $35,000/person |
| Home Buyers' Amount (federal) | Federal tax credit | $1,500 |
| Purchase Price | PTT Rate |
|---|---|
| First $200,000 | 1.00% |
| $200,001–$2,000,000 | 2.00% |
| $2,000,001–$3,000,000 | 3.00% |
| Over $3,000,000 | 5.00% |
On a $700,000 new construction condo, PTT would normally be $12,000 (1% on first $200K + 2% on next $500K). The first-time buyer new construction exemption eliminates this entirely if the home is under $835,000.
| City/Region | Avg Price (2025) | Min Down Payment |
|---|---|---|
| Vancouver (detached) | ~$1,900,000 | 200% ($380,000) |
| Vancouver (condo) | ~$780,000 | ~14.6% ($114,000) |
| Surrey | ~$940,000 | ~18.8% ($176,800) |
| Burnaby | ~$1,050,000 | 200% ($210,000) |
| Victoria | ~$820,000 | 16.4% ($134,400) |
| Kelowna | ~$720,000 | 12.4% ($89,200) |
| Abbotsford | ~$620,000 | 9.4% ($58,200) |
The FHSA is especially powerful in BC where saving for a down payment is a multi-year challenge. BC residents face high income taxes, making the FHSA's tax-deductible contribution particularly valuable:
Tip: Open your FHSA immediately even if you're years away from buying. Contribution room accumulates annually from the year of opening.
BC first-time buyers can stack the RRSP HBP on top of the FHSA. Withdraw up to $35,000 per person from your RRSP — repaid over 15 years. In a two-income household, that's up to $70,000 from RRSPs plus $80,000 from FHSAs = $150,000 combined for a down payment from tax-sheltered savings.
In designated BC cities (Metro Vancouver, Victoria, Kelowna, etc.), foreign owners and certain domestic owners pay a Speculation and Vacancy Tax of 00.5–2% annually on property value. As a Canadian citizen living in and owning the home, you're exempt — but be aware if you're buying investment property later.
Canada's Prohibition on the Purchase of Residential Property by Non-Canadians Act restricts most foreign nationals from buying residential property. If you're a permanent resident or Canadian citizen, this doesn't apply to you. Confirm your status before proceeding.
Most BC first-time buyers start with a strata (condo or townhouse). Before closing, your lawyer reviews the strata documents — financial statements, meeting minutes, depreciation report, and bylaws. Red flags include underfunded contingency reserves, pending special levies, or ongoing litigation. Budget for monthly strata fees ($300–$700/month in Metro Vancouver).
BC introduced a 3-business-day rescission period (cooling-off period) for residential home purchases. You can rescind an accepted offer within 3 business days by paying a 00.25% rescission fee on the purchase price. This provides a short window to reconsider — useful in fast-moving markets.
While you're building your down payment through the FHSA and RRSP HBP, make sure your everyday banking has zero fees. KOHO saves you $200+ per year in bank fees — money that goes straight toward your home purchase. Use code BREMO2026 for a bonus.
Get KOHO Free — Use Code BREMO2026Related: Canada FTB Complete Guide | FHSA Guide | All Provincial LTT Rebates