How to Qualify for First-Time Home Buyer Programs in British Columbia

Buying your first home can feel like a big step. The good news is, if you’re in British Columbia, there are programs that can help.

These programs can save you money, lower your taxes, or help with your down payment. But before you apply, you need to ask:
How do you qualify for first time home buyer support in BC?

Let’s break it down in simple terms.

What Is a First-Time Home Buyer?

In most cases, you are a first-time buyer if:

• You have never owned a home anywhere in the world
• Or, you have not owned a home in the last 4 years
• And, you are buying a home to live in, not to rent out

You must also be a Canadian citizen or permanent resident.

Let Us Help You Find Your First Home

At The Valley Life Real Estate Group, we’ve helped many first-time buyers get started.

We’ll explain every option, walk you through the process, and help you find the right home.

Key Programs in British Columbia

1. First Time Home Buyers’ Program (Property Transfer Tax Exemption)

In BC, most buyers pay a tax when they buy a home. This is called the Property Transfer Tax.

If you qualify, this program can lower or remove that tax.

To qualify:

• The home must cost $500,000 or less (full exemption)
• Partial help is available for homes up to $525,000
• You must live in the home within 92 days of buying
• You must stay in the home for at least one year

2. First Home Savings Account (FHSA)

This is a new federal program that lets you save up to $8,000 per year, tax-free, for your first home. You can save up to $40,000 total.

To qualify:

• You must be a Canadian resident
• You must be 18 years or older
• You must be a first-time buyer

You can use this with other programs.

3. Home Buyers’ Plan (RRSP Withdrawal)

With this plan, you can take up to $35,000 from your RRSP to help buy your home.

To qualify:

• You must be a first-time buyer
• You must repay the funds over 15 years
• The home must be your main residence

Extra Help from Lenders and Cities

Some local lenders and city programs also offer:

• Cash rebates
• Low interest loans
• Help with down payments

Ask your bank or broker about extra options. A local realtor can help guide you too.

Steps to Get Started

If you want to apply for first-time buyer help:

1. Make sure you qualify (based on income, home price, and residency)
2. Check your savings (see if RRSP or FHSA can help)
3. Get pre-approved for a mortgage
4. Talk to a local expert who knows the Fraser Valley market
5. Apply through your lawyer, notary, or lender

Final Thoughts

You don’t need to buy your first home alone. These programs are made to help people like you—people ready to take the first step.

If you’re still asking, “How do you qualify for first time home buyer programs?”, the best thing you can do is speak with a local team who knows the rules.