Stack the programs.
Most buyers claim only one.
The most consistent thing I see with first-time buyers is that they know about one program — usually the RRSP Home Buyers' Plan — and don't realise they can stack it with several others. On a typical Burnaby first purchase near $830,000, using all available programs can reduce your upfront cost by over $50,000 relative to going in without them. That is not a marginal improvement; it is the difference between qualifying and not qualifying for a lot of buyers.
This page covers every program available to a qualifying first-time buyer in BC in 2026 and how they interact. For the full breakdown of what a purchase actually costs — including closing costs, PTT on non-exempt homes, and legal fees — read the property transfer tax and closing costs guide. This page focuses specifically on what reduces those costs.
The six programs, explained
First Home Savings Account (FHSA)
$8k/year · $40k lifetimeUp to $40k tax-free toward a down payment
Contribute $8,000/year to a lifetime maximum of $40,000. Contributions are tax-deductible like an RRSP. Qualifying withdrawals to purchase a first home are tax-free like a TFSA. You get both benefits — the deduction going in and the exemption coming out.
Stack with HBP for up to $100k combined
RRSP Home Buyers' Plan (HBP)
$60k per buyer · 15-year repayWithdraw up to $60k tax-free from your RRSP
Each qualifying buyer can withdraw up to $60,000 from their RRSP. Two buyers on one purchase: up to $120,000 combined. Repay over 15 years — $4,000/year per person. If you don't repay, the withdrawn amount is added back to your income that year.
Stack with FHSA for up to $100k combined
BC PTT First-Time Buyer Exemption
Full exemption ≤$835k · partial to $860kSave up to ~$13,700 in property transfer tax
If you have never owned a principal residence anywhere in the world, you pay zero PTT on a home valued at $835,000 or less. Partial exemption applies from $835k to $860k. Above $860k: no exemption applies. The $835k threshold makes the cut-off a genuine shopping tool in Burnaby's condo market.
Does not stack with other PTT exemptions — applies independently
30-Year Amortization — New Builds (Insured)
Purchase price ≤$1.5M · insured onlyLower monthly payments on new construction
First-time buyers purchasing a qualifying new-build home priced at $1.5M or under can access an insured mortgage with 30-year amortization (vs. the standard 25-year maximum for resale). The longer amortization reduces monthly payments by roughly 8–10% on the same loan amount, which can be the margin that tips qualification for a lot of buyers. The rule applies to new builds only — resale homes do not qualify for insured 30-year amortization.
Applies only to new-build purchases, not resale
GST/HST New-Build Rebate
Varies by purchase price; confirm with notaryPartial rebate of 5% GST on qualifying new homes
New homes are subject to 5% GST. The federal new housing rebate returns a portion of that GST on homes purchased as a primary residence, with the rebate phasing out as price increases. The rebate is often applied by the developer at purchase price — confirm with your lawyer whether it's built into the quoted price or payable separately.
Stacks with 30-year amortization and FHSA/HBP
Federal First-Time Home Buyer's Tax Credit
$10,000 claim · 15% = $1,500 credit$1,500 non-refundable tax credit
Claim a $10,000 non-refundable credit on your tax return in the year you purchase a qualifying home. At the 15% federal rate that works out to a $1,500 reduction in taxes owed. Both buyers on a joint purchase can share the credit but the combined claim cannot exceed $10,000.
Stacks with all programs above
What it looks like stacked — an $830k example
An $830,000 condo sits just under the BC PTT first-time buyer exemption threshold of $835,000 — a threshold worth shopping around if you are close to the line. Here is what the programs do to the cost on that purchase, illustrated. Exact savings depend on your individual eligibility and situation.
Illustrative only. Assumes buyer qualifies for all programs listed, is purchasing as a principal residence, and has accumulated the full FHSA and RRSP amounts. PTT saving is approximate based on general 2026 thresholds. Confirm exact amounts with the Province of BC, your mortgage broker, and notary before purchase. Current PTT exemption amounts — Province of BC.
Key Takeaways
- 01.FHSA and RRSP HBP can be used together — up to $100k per buyer in tax-advantaged down payment funds.
- 02.The BC PTT exemption is full at or under $835k, partial to $860k — that threshold is a real shopping tool in Burnaby's condo market.
- 03.New-build purchases under $1.5M qualify for 30-year amortization (insured) — lower monthly payment, but more interest over the full term.
- 04.Claim the federal FTHB tax credit ($1,500) in the year of purchase — it stacks with everything else.
- 05.Programs have individual eligibility rules — confirm yours with the CRA and Province of BC before counting on them.
This guide reflects program rules as of June 2026. Thresholds, limits, and eligibility requirements change — verify current terms with the Canada Revenue Agency and Province of BC before relying on them. This is information, not tax or legal advice; confirm your situation with your notary, lawyer, and mortgage broker.
Frequently Asked Questions
Can I use both the FHSA and the RRSP Home Buyers' Plan at the same time?
Yes. The FHSA and RRSP Home Buyers' Plan are entirely separate programs and can be used together on the same purchase. A single buyer can access up to $40,000 from an FHSA plus up to $60,000 via the HBP — a combined $100,000 in tax-advantaged down payment funds. Two buyers together can access up to $200,000.
What is the BC PTT exemption threshold for first-time buyers in 2026?
You pay zero property transfer tax on a home valued at $835,000 or less, provided you have never owned a principal residence anywhere in the world and meet the BC residency requirements. There is a partial exemption for values between $835,000 and $860,000. Above $860,000 no first-time buyer PTT exemption applies. On an $830k purchase this saves approximately $13,700.
Does the BC PTT exemption apply to new construction?
Yes, the first-time buyer PTT exemption applies to both resale and new builds, subject to the same price thresholds ($835k full, partial to $860k). New builds also attract 5% GST which resale homes do not — factor that in when comparing purchase costs.
What does 30-year amortization mean for a first-time buyer?
On a new-build purchase under $1.5M with an insured (default-insured) mortgage, you can amortize over 30 years instead of the standard 25. That means lower monthly payments for the same loan amount, which improves how much you qualify for on a given income. The trade-off is more interest paid over the full term.
Can I get the first-time buyer PTT exemption if I've owned property outside Canada?
No. The BC first-time buyers' program requires that you have never owned a principal residence anywhere in the world — not just in BC or Canada. If you previously owned a home in another country, you do not qualify for the exemption.
Are these programs available to all buyers or only first-timers?
The FHSA and RRSP HBP are federal programs available to eligible first-time buyers — defined as someone who has not owned a home in which they lived at any point in the preceding four calendar years. The BC PTT exemption requires that you have never owned a principal residence anywhere. The federal tax credit has the same four-year look-back rule as the federal programs.
Sources & References
- First-Time Home Buyers' Exemption — current thresholds — Province of British Columbia
- First Home Savings Account — rules and contribution limits — Canada Revenue Agency
- Home Buyers' Plan — how it works — Canada Revenue Agency
- 30-year amortization for first-time buyers — new builds — Government of Canada