Thinking about buying your first home? Whether you’re just getting started or ready to get pre-approved, we’re here to make the process simple and stress-free. Our mortgage experts are ready to guide you through every step—no jargon, no pressure—just honest advice to help you feel confident from start to finish.
In this post, we’ve outlined key government programs and expert tips to help you prepare for one of life’s biggest milestones.
First-Time Home Buyer Incentives in Canada
Buying your first home comes with a lot of decisions—but thankfully, there are government programs designed to make things easier (and more affordable).
1.) First Home Savings Account (FHSA)
What it is: A registered, tax-free savings plan to help Canadians save for their first home.
Why it helps: Contributions are tax-deductible, and both growth and withdrawals are tax-free when used for your first home.
Learn more: First Home Savings Account – Canada.ca
2.) Home Buyers’ Plan (HBP)
What it is: Allows you to withdraw up to $60,000 from your RRSP (as of 2024) to purchase or build your first home.
Good to know: You’ll have 15 years to pay it back, interest-free.
Learn more: Home Buyers’ Plan – Canada.ca
3.) First-Time Home Buyers’ Tax Credit (HBTC)
What it is: A non-refundable tax credit of up to $1,500 (based on a $10,000 claim).
Why it matters: It helps offset some of your closing costs.
Eligibility: First-time buyers or individuals who qualify as disabled.
Learn more: Home Buyers’ Tax Credit – Canada.ca
4.) GST/HST New Housing Rebate
What it is: A partial rebate on the GST or HST paid for new homes or significant renovations.
Why it helps: It can reduce your overall home cost if you’re buying a new build.
5.) BC First-Time Home Buyers’ Program (Property Transfer Tax Exemption)
What it is: Reduces or eliminates property transfer tax for eligible first-time buyers in British Columbia.
Eligibility: Based on property value, location, and whether you’re a first-time buyer.
Learn more: BC First-Time Home Buyers’ Program
Budgeting Beyond the Purchase Price
It’s easy to focus on the home price—but don’t forget about additional costs you’ll need to budget for:
- Property transfer tax (if not exempt)
- Legal fees
- Appraisal fees
- Title insurance
- Home inspection
- Moving expenses
We’ll walk you through these during your pre-approval process so you know exactly what to expect.
Resources to Build Confidence
Looking to educate yourself before making the leap? We recommend the CMHC Homebuying Step-by-Step Guide. It’s a great resource for understanding everything from setting your budget to closing on your new home.
Let’s Make Homeownership Happen
Buying your first home should be exciting—not overwhelming. Connect with our team today to get pre-approved, ask questions, or simply explore your options. We’re here to help every step of the way.