Popular Home Buyer Incentives & Rebates for Real Estate in BC Canada

Below are popular home buyer incentives, rebates and programs for home buyers and first time buyers in BC Canada.

First Home Savings Account

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a downpayment. Contributions are tax deductible and also the capital gains (earnings) and interest are tax-free. This can be used in conjunction with the Home Buyers’ Plan. View details.

Home Buyers' Plan

Allows you to withdraw a certain amount from your registered retirement savings plan (RRSP) to buy or build a qualifying home for yourself or a related person with a disability. The withdrawn RRSP funds must be repaid within 15 years. View details.

First-Time Home Buyer Program

Qualifying first-time home buyers will save the Property Transfer Tax (PTT) which is a BC tax on home purchases and transfers. View Details of the First-Time Home Buyer Program.

Newly Built Home Exemption

Qualifying home buyers will save the Property Transfer Tax (PTT) which is a BC tax on home purchases and transfers. View Details of the Newly Built Home Exemption.

CMHC First-Time Homebuyer Incentive

The First-Time Homebuyer Incentive is an equity share program which helps buyers pay for their first home and reduce their monthly mortgage payments. View CMHC First-Time Homebuyer Incentive details.

Home Buyers' Amount Tax Credit

This program is intended to help first-time buyers with the costs associated with buying a home. Qualifying buyers can claim up to $10,000 on their income tax which can create a tax savings. View details.

GST/HST New Housing Rebate

You may qualify for a portion of the GST or HST paid on a qualifying home purchase, substantial renovation or new home build. View details and more details here.

CMHC Green Rebate

Buying, building or renovating a green home? You may qualify for CMHC rebate on your CMHC mortgage loan insurance premium on qualifying energy-efficient homes. View details.

BC Home Owner Grant (for Property Tax)

Reduces the annual property taxes for home owners with an assessed or partitioned value up to $2.125 million. This grant is reduced by $5 for each $1,000 above the threshold. The home owner grant threshold applies across the province. View details.

BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors: qualifying home owners aged 55+ can defer property taxes. 

Financial Hardship Property Tax Deferment Program: qualifying low-income home owners can defer property taxes.

Property Tax Deferment Program for Families with Children: qualifying home owners who financially support children under age 18 can defer property taxes.

View details.

Multigenerational Home Renovation Tax Credit (MHRTC)

If you are eligible, you can claim this credit for certain renovation expenses to create a self-contained secondary unit. View details.

Home Accessibility Tax Credit

This credit doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations. View details and more details here.

Home Buyers’ Tax Credit for Persons with Disabilities

Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit. View details.

Tax Deductions for Moving for Work

People with a new job who moved a minimum of 40 kilometers closer to work, may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing. View details.

BC Rebate for Accessible Home Adaptations (BC RAHA)

This program provides up to $17,500 in rebates for adaptations to a home and is geared towards people with low income and having someone in the household with a disability. View details.

Home Renovation Tax Credit for Seniors and Persons with Disabilities

Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. View details.

Government Programs Can Change

Government programs can change over time. For the most up-to-date information, please visit:

• Canadian Government's website
• BC Government's website
• CMHC (Canadian Mortgage and Housing Corporation)