First Time Home Buyer · BC 2026
First Time Home Buyer BC Guide
BC first-time buyers can combine the PTT exemption (up to $8,000), the FHSA ($40,000 tax-free), the RRSP Home Buyers' Plan ($60,000) and 30-year insured amortization.
FHSA savings
Tax-free for your first home
- Total contributed
- $40,000
- Estimated tax refunds
- $12,000
- · $8,000 per year, $40,000 lifetime limit.
- · Contributions are tax-deductible. Qualifying withdrawals are tax-free.
- · Can be combined with the RRSP Home Buyers' Plan (up to $60,000).
How it works
- PTT exemption: up to $8,000 off on homes up to $835,000, partial to $860,000.
- FHSA: $8,000 a year, $40,000 lifetime, tax-deductible in and tax-free out.
- RRSP Home Buyers' Plan: withdraw up to $60,000, repay over 15 years.
- 30-year amortization: allowed on insured mortgages for first-time buyers.
- Insured purchase limit: homes up to $1,500,000 with less than 20% down.
- First-time buyer tax credit: $10,000 credit, worth $1,500.
Use the FHSA calculator above, then check your tax with the BC property transfer tax calculator.
Common questions
Who counts as a first time home buyer in BC?
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For the PTT exemption: a Canadian citizen or permanent resident who has lived in BC for 12 months (or filed two BC returns in six years) and has never owned a principal residence anywhere.
Can I use FHSA and RRSP together?
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Yes. Both can be used on the same purchase.
What is the minimum down payment?
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5% of the first $500,000 and 10% of the portion up to $1,500,000.
Sources: Province of BC: First time home buyers' program · CRA: FHSA
Written and reviewed by Mani Garcha, REALTOR® with Royal LePage Wolstencroft Realty. Last reviewed November 2026. Guidance only, not legal or tax advice.