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Your First Time hOme Buyer Benefits
It all begins with your benefits. First-time homebuyer benefits can vary depending on your location and the specific programs available in your area. However, here are some common benefits that first-time homebuyers may be eligible for.
Property Transfer Tax Exemption (BC)
First-time homebuyers may be eligible for a full exemption from paying the Property Transfer Tax (PTT) when purchasing an existing home under $500,000, and a partial exemption on homes worth $835,000 or less - saving you up to $8,000. For newly-built home, a full exemption is granted for homes under $1,100,000 with GST included. Learn More
Home Buyers’ Plan (HPB)
The Home Buyers' Plan allows first-time homebuyers to withdraw up to a $60,000 from their Registered Retirement Savings Plans (RRSPs) to use towards the purchase of a home, without incurring a tax penalty. You will have 15 years to pay that back in lump sum payments. Learn More
First Time Home Buyer’s GST Relief
This is a federal tax benefit that helps first-time homebuyers offset some of the costs associated with purchasing a new construction home. Save a maximum of $50,000 on GST payments with partial exemptions between $1M-$1.5M. Learn More
Want to know if you qualify?
“Can I?”
the First-time home buyer FAQ
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You are qualified based on your income, credit, existing debt and your downpayment available. Every individual qualification is different. To get an in depth qualification, click here.
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YES.
Having a car loan does not need to affect your mortgage application if you have sufficient income sources and downpayment to qualify. Some borrowers have multiple car loans and still get approved!
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NO.
You both do not have to be working a full-time job in order to qualify. Whether you are a part-time worker, casual, or a stay-at-home parent. Any income helps with the application and does not require for both applicants to have a full-time job.
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YES.
Lenders will just need a letter of employment stating your estimated return to work date with your projected salary upon return.
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YES.
If you signed on as a guarantor on another loan, you will still be eligible to keep your first time home buyer benefits.