BC First Time Home Buyers’ Program & Assistance Program

The BC provincial government offers a series of incentives designed to support home purchases by first-time home buyers. Here’s a few to get you started:

The First Time Home Buyers’ Program was introduced as a measure to reduce or eliminate the amount of property transfer tax paid by first-time homeowners. For more information, or to find out if you qualify, please visit the link below.

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. For more information, or to find out if you qualify, please visit the link below

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

First Time Home-Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.  As of September 2nd 2019, Canadians interested in the First-Time Home Buyer Incentive can submit their applications for a shared equity mortgage with the Government of Canada. For additional information about the incentive, visit: www.placetocallhome.ca