Are you a first-time buyer? Are you tired of looking at endless information and feeling overwhelmed? Don't know where to start? Well, You have come to the right place.
If you are a first-time home buyer in BC, you need to take advantage of as many FREE government programs as you can qualify for. Here is a list of all incentives available to you.
- Federal First-Time Home Buyers Tax Credit
You can get up to a $750 federal tax return for the following year as a First Time Buyer in BC.
- RRSP Home Buyers Plan
Registered for Retirement Savings Plan with your employer? you can use up to $35,000 of your RRSP savings ($70,000 for a couple) to help finance your down payment on a home.
- Property Transfer Tax Exemption
The BC Provincial Government provides qualifying first-time homebuyers an option to get full or partial exemption from PTT (property transfer tax) which is otherwise typically a closing expense. This can account for potential savings of up to $8000 if you meet the criteria of the purchase price.
- Energy-Efficient Home Improvements
BC residents can apply for programs available to assist with expenses from projects that can get better energy efficiency.
- CMHC First Time Home Buyer Incentive
First Time Home Buyers Incentive helps qualified homebuyers reduce their monthly mortgage payments. It is a shared equity mortgage with the Government of Canada, it offers 5% or 10% for a first-time buyer's purchase based on a resale (existing home) of a newly constructed home.
- Goods and Services Tax Credit
You can qualify based on income to get a rebate for up to 5% of the federal sales tax you pay on real estate sales through GST/GST credit.
- B.C. HOME Partnership
This program can help first-time homebuyers with the downpayment on a home. This loan is in place to help with the downpayment that can be repaid on a set schedule making it easy to arrange funds. Currently, this program is not accepting new applicants. Need Help? Call us at 778 829 2300 and mention this blog.
- Home Renovation Tax Credit (Seniors and Persons with Disabilities)
Seniors and Persons with Disabilities can receive a rebate for a part of expenses incurred towards renovations for making the home safer. Renovations have to fit into the classification for making the home more accessible.
- Property Tax Deferment Program (55+)
Residents 55 and older can be eligible to apply for a deferral of Property Transfer Tax payments through the Property Tax Deferment Program
- CMHC Green Home Incentive
You can qualify for a refund of up to 25% of the premium for mortgage insurance if you are renovating an existing home to make it more energy smart.