📝 Buying Your First Home in BC? 7 Grants & Programs You Need to Know About
Thinking about buying your first home in BC? Whether it’s a condo in South Surrey, a townhouse in White Rock, or a new build further inland, it’s smart to take advantage of every program designed to help first-time buyers.
From tax breaks to new rebate programs that can save you tens of thousands of dollars, here are 7 grants and programs every first-time buyer should know.
1️⃣ First Time Home Buyers’ Program (Property Transfer Tax Exemption)
In BC, buyers normally pay Property Transfer Tax (PTT) — 1% on the first $200,000, 2% on the next $1,800,000, and so on.
But first-time buyers can qualify for:
Full exemption on homes up to $500,000, saving around $8,000–$10,000 instantly.
Partial exemption on homes up to $525,000.
✅ Must be your principal residence and you can’t have owned property anywhere before.
2️⃣ Newly Built Home PTT Exemption
Separate from the first-time exemption — if you buy a brand new home, you could avoid property transfer tax up to:
$750,000 for full exemption
Partial exemption up to $800,000
This is especially valuable on new condos & townhomes common in South Surrey’s Grandview Heights, Morgan Crossing, and East Beach developments.
3️⃣ Home Buyers’ Plan (HBP)
The federal program lets you withdraw up to $60,000 from your RRSPs tax-free to help buy your first home.
You have 15 years to repay it.
If buying with a spouse or partner who also qualifies, you could pull out up to $120,000 combined.
4️⃣ First Home Savings Account (FHSA)
A brand-new option (2023+) combining the best parts of an RRSP and TFSA:
Contribute up to $8,000/year, to a lifetime max of $40,000, with tax deductions.
When you use it to buy your first home, withdrawals are completely tax-free.
This is basically free tax sheltering to help you save up faster.
5️⃣ New FTHB GST Rebate (May 2025)
Here’s the big one — as of May 27, 2025, first-time home buyers in BC can now qualify for:
✅ 100% GST rebate on new homes priced up to $1 million, returning all of the 5% GST (up to ~$50,000).
✅ Partial rebate for homes $1 million–$1.5 million, phasing out gradually.
E.g. on a $1.25M new detached home in White Rock, you might still get about 50% of the GST back (~$30,000).
✅ No rebate over $1.5 million.
This is a massive improvement over the old rules (which only helped homes under $350K–$450K). It stacks with other BC programs, so if you’re buying a new build in South Surrey or White Rock, you could save tens of thousands more.
6️⃣ CMHC / Mortgage Insurance Flexibility
If your down payment is under 20%, you’ll pay mortgage insurance.
But lenders often have flexible debt ratio guidelines and allow more gifted down payments for first-time buyers to help you qualify.
7️⃣ BC Home Owner Grant (Once You Own)
Not just for first-timers, but still worth knowing:
Once you own, this annual grant reduces your property tax bill on your principal residence. In Metro Vancouver, homes up to about $2.125 million (2025 threshold) may qualify for a reduced tax bill.
🔍 Bonus Tips for South Surrey & White Rock Buyers
✅ Shop multiple lenders — not all offer the same flexibility on first-time programs.
✅ Get a clear budget including closing costs.
✅ Work with a local realtor who understands how to stack these incentives with builders and lenders so you keep more money in your pocket.
💡 Bottom line
There are thousands — sometimes tens of thousands — of dollars in tax breaks and rebates waiting for you as a first-time buyer.
But you have to apply for them correctly, and most builders or banks won’t help structure it all for you.
That’s where we come in. At Collab Realty Group, we specialize in helping first-time buyers in South Surrey, White Rock and the Fraser Valley navigate every incentive and maximize savings.
📲 Thinking about buying your first home?
Let’s grab a coffee (or a call) and we’ll show you exactly what you qualify for — no pressure, just clear numbers.