First-Time Home Buyer Programs in BC (2026): PTT, the New GST Rebate and the FHSA

First-time buyers in BC in 2026 have more money-saving tools than most people realize — a property transfer tax exemption, a brand-new full GST rebate on new homes, and the FHSA’s tax-free savings room. Stacked properly, they are worth six figures. Here is the complete list, with the thresholds that decide who qualifies.

1. BC First-Time Home Buyers’ PTT Exemption

• No property transfer tax on the first $500,000 of the price — a saving of up to $8,000;
• The full saving applies up to a price of $835,000; it phases out between $835,000 and $860,000 and is gone above that;
• You must have never owned a principal residence anywhere in the world, be a Canadian citizen or permanent resident, move in within 92 days and live there at least a year. If only one spouse qualifies, the exemption is halved.

For how PTT itself is calculated, see our PTT calculation guide.

2. Newly Built Home PTT Exemption (any buyer)

• Buy a brand-new home as your principal residence: full PTT exemption up to $1,100,000, phasing out to $1,150,000;
• Available to any buyer, not just first-timers — but it cannot be combined with the first-time buyer exemption on the same purchase. On new construction, this one almost always wins.

3. The federal First-Time Home Buyers’ GST Rebate (new for 2026 — the big one)

• Enacted in March 2026, this rebate returns 100% of the 5% GST on new homes for first-time buyers — up to $50,000 back on a $1,000,000 home;
• It phases out between $1,000,000 and $1,500,000;
• Applies to purchase agreements signed on or after March 20, 2025, including presales; details as published by the CRA.

Combined effect: on a $950,000 new home, a first-time buyer can pay zero PTT (newly built exemption) and recover the entire ~$47,500 of GST — roughly $65,000 saved, the equivalent of finding an extra down payment.

4. FHSA — First Home Savings Account

• Contribute up to $8,000 per year, $40,000 lifetime; contributions are tax-deductible and qualifying withdrawals are tax-free;
• Two qualifying spouses = $80,000 of combined room;
• The account must be opened before you buy, and unused annual room carries forward — open it early, even with a small first deposit.

5. Home Buyers’ Plan (RRSP)

• Withdraw up to $60,000 per person from your RRSP tax-free for a qualifying home — $120,000 per couple;
• Repay over 15 years (with a grace period before repayments start); missed repayments are taxed as income;
• It stacks with the FHSA on the same purchase — the usual order is FHSA first, HBP for the rest.

6. Smaller items not to leave behind

• Home Buyers’ Amount: a $10,000 federal tax credit worth about $1,400 on a 2026 return, claimed at tax time;
• Home Owner Grant: $570 off annual property tax in Metro Vancouver for owner-occupiers — apply after you move in;
• Some municipalities waive minor fees for first-time buyers — worth a five-minute check.

Putting it together

Two first-time buyers purchasing a $950,000 new home in 2026: PTT $0 (saves ~$17,000), GST fully rebated (~$47,500), FHSA room $80,000 sheltered, HBP up to $120,000 more if their RRSPs hold it. The programs reward buyers who set accounts up before they start shopping — which is why this conversation belongs at the very start of your search. Current new-home projects, with prices and developers, are in our pre-sale section.

I’m Jack Zhu, a RE/MAX Select Properties realtor focused on Vancouver’s West Side. Buying your first home and want every program matched to your situation before you shop? Call 604-889-1640.

General information only, not tax or legal advice. Program terms are as published by the BC Ministry of Finance and the CRA; confirm personal eligibility with your lawyer or accountant before relying on them.