Programs for First Time Buyers Note:

The following is for information only. The programs are subject to change or cancellation at any time. All programs are subject to qualification please check with the appropriate government agency to confirm qualification.

First Time Home Buyers’ Program – Thresholds
Effective for registrations after February 20, 2007, the fair market value threshold for eligible residential property under the First Time Home Buyers' Program is increased and will apply throughout the province. The new threshold will be $375,000. A proportional exemption is provided for eligible residences that have a fair market value of up to $25,000 above the new threshold.

First Time Home Buyers’ Program – Habitat for Humanity
Under the First Time Home Buyers’ Program, eligible purchasers can claim an exemption from property transfer tax if the fair market value of the home is less than the threshold amount. Effective for registrations after February 20, 2007, families purchasing homes from British Columbia affiliates of Habitat for Humanity Canada (Habitat) will have greater access to the First Time Home Buyers’ exemption. Persons who purchase homes from Habitat will be eligible for the exemption if the principle amount of the first mortgage registered against the property by Habitat is less than the threshold.

Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

GST/HST new housing rebate for purchases of new or substantially renovated houses

Are you buying a new house or a substantially renovated house? If so, you may qualify for a rebate of part of the GST or HST you pay on the purchase price. Complete this checklist to see if you qualify for this rebate

Checklist

ONE of the following must apply:

You buy a new or substantially renovated house (including the land) from a builder.
You buy a new or substantially renovated house, and you lease the land from the builder.
You buy a new mobile home, modular home, or floating home from a builder or vendor. ALL of the following must apply: The home is a single unit residential complex or a residential condominium unit.

When you buy the house and land from the same builder, the fair market value of the house (building and land) is less than:
  • $450,000. When you buy the house and lease the land from the same builder, or where the purchase involves shares in a co-op housing corporation, the fair market value of the house (building and land) is less than:
  • $481,500 if possession of the house was transferred to you before July 1, 2006;
    • or
  • •$477,000 if possession of the house was transferred to you after June 30, 2006, unless possession of the house was transferred under an agreement signed before May 3, 2006. In this case, the fair market value must be less than $481,500.
The house is intended for use as the primary place of residence for you or a relation.

You or your relation will be the first occupant, or you sell the house and transfer ownership before it is occupied. For more information, see the GST/HST New Housing Rebate Guide. Effective July 1, 2006, the GST rate was reduced from 7% to 6%, and the HST rate from 15% to 14%. As a result of this change, in certain cases, builders or purchasers of new housing may be entitled to a transitional rebate.

For ALL OWNERS

Home Owner Grants
The Home Owner Grant Program is one of two property tax assistance programs offered by the Surveyor of Taxes office. The program began in 1957 to help homeowners reduce the amount of taxes they pay on their home. There are two categories of Home Owner Grants: the regular grant of up to $570, and the additional grant of up to $845 You may claim the regular grant if your property taxes are at least $350. You may claim the additional grant if your property taxes are at least $100. Your grant cannot reduce your net payment below these amounts. A homeowner may qualify for either the regular grant or the additional grant, not both. To receive the grant, both the owner and the property must meet the qualification requirements.

Home Owner Grant Qualifications Basic Qualifications

 Basic qualifications apply to both the regular and additional home owner grants:
  • You must be a Canadian citizen or landed immigrant and a permanent resident of British Columbia;
  • You must own the home on which the grant is being claimed.
  • The home must be located within the province; and The home on which the grant is claimed must be your principal residence - where you live and conduct your daily activities. The grant does not apply to summer cottages, second homes or rental properties.
Spouses who live:
  • together , including those in a common-law or same-sex relationship for a continuous period of at least two years, can qualify for a grant on only one residence in the province in a calendar year.
  • apart , cannot claim a grant on a second residence they jointly or individually own, unless they have a written separation agreement or a court order recognizing the separation.
Regular Grant Qualifications
If you are under 65 and are not a person with disabilities and don't receive a war veterans allowance, you may claim the regular grant only. You must meet the above basic qualifications.

Additional Grant Qualifications
You may claim the additional grant if you are one of the following:
  • 65 or older during this calendar year. If your home is jointly owned, only one owner must be 65 to qualify for the additional grant. The qualifier's birthdate and signature must be completed on the grant application.
  • A veteran or the spouse or widow/widower of a veteran receiving an allowance under the War Veterans Allowance Act (Canada) or the Civilian War-related Benefits Act (Canada).
  • Veterans must attach a confirmation letter from Veterans Affairs Canada to the home owner grant application. Surviving spouses of deceased veterans who received either allowance at the time of their spouse's death also qualify for the additional grant.
  • A person with disabilities receiving a disability allowance under the Employment and Assistance for Persons with Disabilities Act. You must provide the required Consent for Release of Information form signed by yourself and your Ministry of Human Resources representative, verifying you are receiving these benefits.
  • A person with disabilities or a property owner with a disabled spouse or relative residing with them permanently may also qualify for the additional grant. A signed medical certificate (Form B) completed by your physician must be attached to the home owner grant application. Medical Certificates (Form B) are available from the Surveyor of Taxes office or your local Government Agents office.

Note: Canada Pension Plan Disability Benefits do not qualify you for the additional grant.
Important: To receive the grant, you must apply for the grant each year that you are eligible. Complete, sign and return the grant application to the Surveyor of Taxes office or Government Agents office with your payment by the tax due date of July 2 to avoid the 5% penalty. You do not need to make a payment to apply for the grant.