Buyer GuideFirst Time Home Buyer in BC: Every Grant, Rebate and Program for 2026
What the Province and Ottawa actually give a first time buyer in British Columbia, what each one is worth on a Langley or Surrey home, and the order to use them in.
By Shawn Kandola, PREC ·
Buying your first home in the Fraser Valley is expensive, but the programs built for first time buyers are worth real money if you use them in the right order. This guide covers every one that applies in British Columbia in 2026, with the dollar value on homes priced like the ones for sale in Langley and Surrey today.
Every rule here was checked against the Province of British Columbia, the Canada Revenue Agency and CMHC in October 2026, and every price comes from the Fraser Valley Real Estate Board’s September 2026 figures. Programs change, so confirm your own eligibility with your lender, lawyer or notary before you rely on any number.
The short answer
- BC does not hand first time buyers a cash grant. The biggest provincial saving is the property transfer tax exemption: no tax on the first $500,000 of a home worth up to $835,000, which is worth up to $8,000.
- A brand new home goes further. The newly built home exemption removes the property transfer tax on homes under $1,100,000, and the federal First Time Home Buyers’ GST rebate returns up to $50,000 of GST on new homes up to $1 million.
- Your down payment can come from an FHSA ($8,000 a year, $40,000 lifetime, tax deductible) and the RRSP Home Buyers’ Plan (up to $60,000 each), and you can use both on the same home.
- The minimum down payment is 5% of the first $500,000 and 10% of the rest. On the Langley apartment benchmark of $525,900 that is $28,400.
Is there a first time home buyer grant in BC?
Not as a cash payment. When people search for the BC first time home buyer grant, the program they are looking for is the First Time Home Buyers’ Program, which exempts you from some or all of the property transfer tax you would otherwise pay when the home is registered in your name.
Property transfer tax is 1% of the first $200,000 of the price and 2% of the portion from $200,000 to $2,000,000. On a home worth up to $835,000, a qualifying first time buyer pays no tax on the first $500,000, which is a saving of up to $8,000. Between $835,000 and $860,000 the exemption shrinks, and at $860,000 or more there is none.
| Home and price | Tax without exemption | First time buyer pays |
|---|---|---|
| Fraser Valley apartment benchmark, $461,800 | $7,322 | $0 |
| Langley apartment benchmark, $525,900 | $8,680 | $680 |
| Fraser Valley townhome benchmark, $745,300 | $13,012 | $5,012 |
| Langley townhome benchmark, $802,600 | $14,128 | $6,128 |
| Any home at $860,000 or more | Full tax | Full tax |
Benchmarks: Fraser Valley Real Estate Board MLS Home Price Index, September 2026. A benchmark is the typical home for the area, not the price of any one listing. Tax calculated at the general rates for a resale home.
Who qualifies
You must be a Canadian citizen or permanent resident, have lived in BC for the 12 months immediately before you register the home or filed at least 2 BC income tax returns in the last 6 years, and never have owned a principal residence anywhere in the world or received this exemption before. The property must be your principal residence, 0.5 hectares or smaller, and worth $835,000 or less for the full exemption.
What keeps it
You must move in within 92 days of registration and live there as your principal residence until the first anniversary. Renting the home out in that first year can cost you the exemption. If you buy with someone who has owned before, only your share of the home qualifies.
Buying a new build or presale: 2 bigger savings
A newly built home is where first time buyers in Langley and Surrey save the most, because 2 separate programs stack on the same purchase.
The newly built home exemption
The Province removes the property transfer tax entirely on a newly built home worth less than $1,100,000, with a partial exemption up to $1,150,000. You do not need to be a first time buyer for this one, but the home must be your principal residence. On a new $850,000 townhome that is $15,000 of tax you do not pay.
The First Time Home Buyers’ GST rebate
Ottawa’s rebate became law in March 2026 and covers purchase agreements signed from March 20, 2025 until the end of 2030. A first time buyer gets back 100% of the 5% GST on a new home worth up to $1 million, to a maximum of $50,000, and a reduced rebate between $1 million and $1.5 million. On a new $850,000 townhome that is $42,500. Resale homes do not qualify, because no GST is charged on a resale, and you must be the first person to live in the home.
How much does a first time home buyer have to put down in BC?
The federal minimum is 5% of the first $500,000 and 10% of any amount above that, for homes under $1.5 million. At $1.5 million or more you need 20%. With less than 20% down your mortgage must be insured, and the insurance premium is added to your loan.
Since December 15, 2024, first time buyers can choose a 30 year amortization on an insured mortgage, which lowers the monthly payment, and the insured price limit is $1.5 million.
| Home and price | Minimum down | Share of price |
|---|---|---|
| Fraser Valley apartment benchmark, $461,800 | $23,305 | 5.0% |
| Langley apartment benchmark, $525,900 | $28,400 | 5.3% |
| Fraser Valley townhome benchmark, $745,300 | $50,060 | 6.7% |
| Langley townhome benchmark, $802,600 | $55,640 | 6.9% |
Benchmarks: FVREB MLS Home Price Index, September 2026. Your lender will also test your income, debts and credit, so the minimum down payment is the floor, not the whole answer.
Saving the down payment: FHSA and the RRSP Home Buyers’ Plan
These 2 accounts are where most first time buyers build the down payment, and they can be used together on the same home.
First Home Savings Account (FHSA)
You can contribute $8,000 a year, up to $40,000 in your lifetime. Contributions are tax deductible like an RRSP, and a qualifying withdrawal to buy your first home is tax free like a TFSA. Unused room carries forward, but only up to $8,000, so the most you can usually add in one year is $16,000. Room only starts building once you open the account, so open it early even if you put in very little. You must be a Canadian resident aged 18 to 71 who has not lived in a home you owned in the current year or the previous 4.
RRSP Home Buyers’ Plan (HBP)
You can withdraw up to $60,000 from your RRSPs tax free to buy your first home, and a couple buying together can take up to $120,000. The money must have been in the RRSP for at least 90 days. You repay it over 15 years, starting the second year after the withdrawal, so a 2026 withdrawal is repaid from 2028, at $4,000 a year on a full $60,000. Any year you miss is added to your taxable income.
Smaller programs, and one that has closed
The Home Buyers’ Amount lets you claim $10,000 on your tax return in the year you buy your first home. It is a non refundable credit at the lowest federal rate, which is 14% for 2026, so it is worth up to $1,400. Older guides still say $1,500, which was the figure at the old 15% rate.
The BC Home Owner Grant lowers your property tax every year you own and live in the home. In Metro Vancouver and the Fraser Valley it is worth up to $570 a year for 2026, for homes assessed at $2,075,000 or less. You must claim it each year when you pay your property tax.
The federal First Time Home Buyer Incentive, the shared equity loan that took a stake in your home, stopped taking applications in March 2024. If a website still offers it, the page is out of date.
The order to do it in
Open an FHSA now
Room only builds once the account exists. Even a small first deposit starts the clock.
Get pre approved
A lender tells you your real price ceiling, the amortization you qualify for and how much of your down payment can come from the FHSA and HBP.
Set your price against the thresholds
Under $835,000 keeps the full property transfer tax exemption on a resale. Under $1,100,000 keeps the full newly built home exemption, and under $1 million keeps the full GST rebate on a new home.
Shortlist homes and read the documents
Most first homes in Langley and Surrey are townhomes and condos, so the strata documents matter as much as the home. Our strata guide covers what to read.
Write the offer with subjects
Financing, inspection and strata document review are the usual subjects. On a resale you also have a 3 business day rescission period after acceptance, which costs 0.25% of the price to use.
Close and claim
Your lawyer or notary claims the property transfer tax exemption on registration. Claim the Home Buyers’ Amount on that year’s tax return and the Home Owner Grant with your first property tax bill.
Frequently asked questions
Who is eligible for the first time home buyer grant in BC?
BC’s first time buyer program is a property transfer tax exemption, not a cash grant. You qualify if you are a Canadian citizen or permanent resident, have lived in BC for the 12 months before registration or filed 2 BC tax returns in the last 6 years, have never owned a principal residence anywhere, and are buying a home worth up to $835,000 to live in. It removes the tax on the first $500,000 of the price, worth up to $8,000.
How much does a first time home buyer have to put down in BC?
The minimum is 5% of the first $500,000 and 10% of the amount above $500,000, for homes under $1.5 million. On a $525,900 Langley apartment that is $28,400, and on an $802,600 Langley townhome it is $55,640. With less than 20% down the mortgage must be insured.
Can I use my FHSA and the RRSP Home Buyers’ Plan together?
Yes. You can make a qualifying FHSA withdrawal and an HBP withdrawal for the same home, as long as you meet the conditions of each at the time of each withdrawal. Together that can be up to $40,000 plus growth from the FHSA and up to $60,000 from your RRSPs, per person.
Does the first time buyer GST rebate apply to resale homes?
No. It only applies to new homes, because a resale home is sold without GST. You must buy from a builder, build your own home or buy shares in a new co op, sign the agreement from March 20, 2025 onward, and be the first person to live in the home.
Is the First Time Home Buyer Incentive still available?
No. CMHC stopped taking applications for the First Time Home Buyer Incentive in March 2024. People who already used it still repay it as their agreement says, but no new buyers can apply.
How much property transfer tax will I pay on a Langley townhouse?
At the September 2026 Langley townhome benchmark of $802,600, the tax is $14,128. A qualifying first time buyer is exempt on the first $500,000, which saves $8,000, so they pay $6,128. If the townhome is newly built and under $1,100,000, the newly built home exemption removes the tax entirely.
What happens if I rent out my first home in the first year?
You can lose the property transfer tax exemption. To keep it, you must move in within 92 days of registration and live in the home as your principal residence until the first anniversary of registration.
Can I buy my first home with someone who has owned before?
Yes, but the property transfer tax exemption only applies to the share owned by the first time buyer. If you buy 50/50 with a partner who has owned a home before, your share qualifies and theirs does not, so the $8,000 maximum becomes $4,000.
Sources
- First time home buyers’ program, Province of BC
- Newly built home exemption amounts, Province of BC
- First time home buyers’ GST/HST rebate, Canada Revenue Agency
- Participating in your FHSAs, Canada Revenue Agency
- Repaying the Home Buyers’ Plan, Canada Revenue Agency
- Fraser Valley Real Estate Board, monthly statistics
General information, not legal, tax, mortgage or financial advice. Program rules and figures were checked in October 2026 and can change; confirm your own situation with your lender, lawyer, notary or accountant.
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