Here is a concise summary of the key programs available to first-time homebuyers in BC with full URLs included:
BC First-Time Home Buyers' Program:
Exempts first-time buyers from property transfer tax on homes priced up to $835,000, with partial exemptions for homes up to $860,000.
Newly Built Home Exemption:
Offers a property transfer tax exemption for new homes up to $1.1 million, with partial exemptions up to $1.2 million.
Federal First-Time Home Buyer Incentive:
Provides 5% or 10% interest-free loans for new builds, reducing monthly payments.
Home Buyers' Plan (HBP):
Allows withdrawals of up to $35,000 from RRSPs, repayable within 15 year.
GST New Housing Rebate:
Recover part of the GST on newly built homes priced up to $350,000, with partial rebates up to $450,000.