Buying Real Estate: First Time Buyer Programs

CMHC First Home Loan Insurance (5% down program) for First-time Buyers

Under this program CMHC insures mortgages for 95 per cent of purchase price. The program is open to anyone who has not owned a home as their principal residence, either jointly or separately, in the past five years.

RRSP Home Buyers' Plan for First-time Buyers

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

Property Transfer Tax Exemption for First-Time Buyers

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. To qualify, a buyer must not have owned an interest in a principal residence anywhere. The purchaser must be a Canadian citizen or permanent resident and have resided in B.C. for a minimum of 12 months prior to the purchase or transfer. The exemption is subject to a maximum purchase price depending on location in the province. The property must be an owner-occupied principal residence.

First-Time Home Buyers' Tax Credit

This new tax credit program provides up to $750 in tax relief to eligible first-time home buyers for costs associated with buying their first home, including legal fees and land transfer taxes.

GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.

BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

  Real Estate Informer Email Newsletter For the latest residential market information and statistics including useful tips for Buyers and Sellers, subscribe now!

First Name*
Last Name*
Email Address*
  
Quick Real Estate Search in the Vancouver-Tri-Cities Corridor:
Houses in Vancouver Townhomes in Vancouver Condos in Vancouver
Houses in Burnaby Townhomes in Burnaby Condos in Burnaby
Houses in Coquitlam Townhomes in Coquitlam Condos in Coquitlam
Houses in Port Moody Townhomes in Port Moody Condos in Port Moody
Houses in Port Coquitlam Townhomes in Port Coquitlam Condos in Port Coquitlam
Houses in New Westminster Townhomes in New West Condos in New West
Copyright © 2012 - David Reimers. All Rights Reserved. | Privacy Policy | Terms of Use


The data relating to real estate on this web site comes in part from the MLS® Reciprocity program of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board. Real estate listings held by participating real estate firms are marked with the MLS® Reciprocity logo and detailed information about the listing includes the name of the listing agent.

This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board.

Contact the Web Developer