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Buying your first home in British Columbia

What British Columbia’s own government pages say about buying a first home, with the federal accounts and credits that apply in every province. Each item shows the sentence we read and a link to it.

Published . Last checked .

Deadlines and time limits

The federal FHSA and Home Buyers’ Plan have time limits too. See the federal programs.

Property Transfer Tax

British Columbia charges a property transfer tax on property registered at the Land Title Office, based on fair market value.

General property transfer tax rates
Fair market valueRate
Up to and including $200,0001%
Above $200,000 up to and including $2,000,0002%
Above $2,000,0003%
Residential value over $3,000,000A further 2%
First-time buyers

The first time home buyers' program gives a full or partial exemption. A qualifying purchaser is exempt on the first $500,000 of the purchase price when the property has a fair market value of $835,000 or less. A partial exemption applies between $835,000 and $860,000.

Source

“1% of the fair market value up to and including $200,000”

Province of British Columbia: Property transfer tax

What British Columbia lists for first-time buyers

OpenTax exemption Time limits

First time home buyers' program

  • $500,000

    exempt from property transfer tax on the first part of the price

  • $835,000

    the highest fair market value for the full exemption

The program reduces or removes the property transfer tax on a first home. The exemption is full or partial depending on the fair market value, the size of the property and the share of the purchase that qualifies.

Deadlines
  • Move in within 92 days of registration
  • Refund claim window: from the first anniversary to 18 months after registration (form FIN 265)
Source

“If all of the above requirements are met, then the purchaser will be exempt from property transfer tax on the first $500,000 of the purchase price of the property.”

Province of British Columbia: First time home buyers' program

Amount in full

Exempt from property transfer tax on the first $500,000 of the purchase price when the fair market value is $835,000 or less (registered on or after April 1, 2024).

The amounts page lists an exemption amount of $8,000 for a fair market value over $500,000 and up to $835,000, reduced proportionally over $835,000 and under $860,000.

Who qualifies (8)
  • Canadian citizen or permanent resident at the time the property is registered
  • Lived in B.C. for at least a year immediately before the registration date, or filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years
  • Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time
  • Have never received a first time home buyers' exemption or refund
  • Property is your principal residence, is 0.5 hectares (1.24 acres) or smaller, and has residential improvements and no others
  • Move in within 92 days of registration and keep it as your principal residence up to the first anniversary of the registration date
  • The property has a fair market value of $835,000 or less for a full exemption (registered on or after April 1, 2024), or more than $835,000 but less than $860,000 for a partial exemption.
  • Foreign entities and taxable trustees are not eligible.
How to claim or apply

Your legal professional applies the exemption in the property transfer tax return.

If you qualify but did not apply at registration, you may apply for a refund from the first anniversary to 18 months after the registration date, using form FIN 265.

OpenTax exemption Time limits

Newly built home exemption

  • $1,100,000

    the highest fair market value for the full exemption

The exemption reduces or removes the property transfer tax on a qualifying newly built principal residence. The page does not limit it to first-time buyers. Anyone who applied for the first time home buyers' program after February 16, 2016 may contact the ministry to apply for this exemption instead.

Deadlines
  • Move in within 92 days of registration
  • Refund claim window: after the first anniversary and within 18 months of registration (form FIN 272)
Source

“Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.”

Province of British Columbia: Newly built home exemption

Amount in full

Full exemption when the fair market value is $1,100,000 or less ($750,000 if the title is registered before April 1, 2024).

Partial exemption for a fair market value greater than $1,100,000 and less than $1,150,000.

Who qualifies (5)
  • Canadian citizen or permanent resident
  • Property is in B.C., is your principal residence, and is 0.5 hectares (1.24 acres) or smaller for the full exemption
  • First registration of the property with a completed improvement, registered after February 16, 2016
  • Move in within 92 days of registration and keep it as your principal residence for the rest of the first year
  • The home is a newly built home as the page defines it, for example a house or condominium unit that has not been occupied since construction.
How to claim or apply

Select or enter exemption code 49 on the Property Transfer Tax Return.

If you did not apply at registration, you may apply for a refund after the first anniversary and within 18 months of registration, using form FIN 272.

Paused or closed

ClosedLoan

BC Home Owner Mortgage and Equity Partnership

A repayable down payment assistance loan registered on the title of the home, offered between February 2017 and September 2018. BC Housing now provides information for households that already hold a loan.

Source

“The BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) Program stopped accepting new applications on March 31, 2018”

BC Housing: BC Home Owner Mortgage and Equity Partnership

Federal items that apply in every province

The FHSA, the Home Buyers’ Plan and the home buyers’ amount apply wherever you live. Amounts, conditions, time limits and sources are on one federal page.

What we looked for and did not find

Not listed in the pages we checked:

  • provincial tax treatment of the FHSA or the RRSP Home Buyers' Plan
  • a provincial first-time buyer grant, tax credit or down payment assistance loan that is open for new applications. The Province names the Attainable Housing Initiative at the Heather Lands in Vancouver, which offers below-market purchase financing for middle-income households, with first-time buyers who live in B.C. first in line. We did not find a page that states whether a purchase window is open.
  • a municipal land transfer tax or similar municipal charge on home purchases
  • current buyer terms for the BC Housing Affordable Home Ownership Program (the HousingHub page we read says it is no longer accepting project proposals and pre-existing proposals continue)

Common questions

What tax or fees apply when you buy a home in British Columbia?

British Columbia charges a property transfer tax on property registered at the Land Title Office, based on fair market value. The general rate is 1% up to and including $200,000, 2% above $200,000 up to and including $2,000,000, and 3% above $2,000,000, with a further 2% on residential value over $3,000,000. For first-time buyers: The first time home buyers' program gives a full or partial exemption. A qualifying purchaser is exempt on the first $500,000 of the purchase price when the property has a fair market value of $835,000 or less. A partial exemption applies between $835,000 and $860,000.

What first-time home buyer programs does British Columbia list?

British Columbia's own pages list First time home buyers' program and Newly built home exemption. Each one is covered further down the page, with its amount, its conditions and a link to the source.

Can I use the FHSA and the Home Buyers' Plan together?

The CRA says you can withdraw amounts from your RRSPs under the Home Buyers' Plan and make a qualifying withdrawal from your FHSAs for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal.

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Other provinces and territories

Sources we read

This page is information, not advice. We read these pages on October 14, 2026. Programs, amounts and deadlines change, so confirm with the source before you act.

The federal sources are listed on the federal programs page.