First Time Buyer - News


  • Applicants have not owned a principal residence in the past 5yrs (rental properties excluded)
  • You must live in the property for at least a year
  • Each applicant can withdraw up to $35,000 (3/19/19)
  • Funds not restricted to down payment, may be used as part of closing costs, or any other purpose - anything at all - like buying a boat or a car, instead of paying it down on the mortgage
  • RRSP MUST have been invested for more than 90 days before you withdraw it, to qualify.
  • If you enter into an agreement to buy a home before the 90 days is up, then you must make sure the completion date is no more than 30 days before your RRSP is withdrawn. 
  • Repayment (to yourself - your RRSP account) is over a maximum of 15yrs (no interest). You can pay it back quicker -even a lump sum, anytime. On $35k, minmum payments are $2333 P/A or $195 per month. If you don't pay back the minimum to your RRSP in any year, then you have to report the unpaid balance of the annual amount due each year to CRA as income.  


  • Applicants have not owned a principal residence anywhere in the world.
  • Maximum purchase price in Lower Mainland on an existing home is $500,000 (pro-rated up to $525k).
  • On a newly built home the maximum purchase price is $750,000(pro-rated up to $800k)
  • Otherwise you pay the BC Gov’t a property transfer tax on an existing home based on 1% of the 1st $200k, and 2% of balance of the purchase price up to $2mil. Then 3% on the balance over $2mil. 
  • May qualify for 50% reduction in tax if one of the joint applicants is a first time buyer
  • Canadian citizen and resident of BC for one year
  • Must be your principal residence for one year

* BC Property Transfer Tax Rules

* Newly Built Homes up to $750k 

All BC Permanent Resident Canadian citizens (including First Time Buyers) may qualify for an exemption up to $13k to the Provincial Property Transfer Tax on the purchase of a newly built BC principal residence up to $750k. The exemption is adjusted downward between $750 and $800k. 

Homes over $2milion are taxed at 3% on the purchase balance over $2mil. 

change - Homes over $3 million are now taxed at 5% 

 * Helpful Tips for the First Time Home Buyer

Buying a house is a good investment!

* No Capital Gains

A house is a solid investment that is difficult to match. Why? Any capital gains that accrue and are

realized on the sale of a principal residence are tax free — your money, 100%!

* Why Rent? 

At todays low rates almost half of your mortgage payment goes to principal. So every time you make a $1500 mortgage payment about $750 goes to principal. It's like putting $750 into your bank account each month. The net cost is $750 a month plus property taxes, and/or strata. So can you really afford to rent?

*5% Down

You do not need the full purchase price to own a home. Whether you are a first timer or repeat buyer you may qualify for as little as 5% down payment to purchase or in some cases zero down. This is a great way to leverage your investments and increase the quality of your life at the same time.

* Let us Help You

The BC Mortgage Guy can get you started the right way in your real estate venture, by finding great rates with good lenders, and he will follow through with excellent service, long after you have moved in. Call: 604-897-0930 or Email:




There is no cost or fees involved for pre-qualification, so click on the link and let’s get moving!

call Rob at : 604-897-0930 email:

This is only a guide. For accurate information on a given situation, please check with our web site, and other professionals, including an Accountant, Lawyer, Notary, Realtor, or Canada Customs & Revenue Agency. Call us with any questions.