This program helps first-time home buyers to be exempt from paying the PTT of 1%  on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. A partial PTT exemption is also available for homes priced between $500,000 and $525,000. There are no exemptions for homes priced at $525,000 and above. Foreign entities and taxable trustee are also not eligible for the exemption.

For more details, click here.

This program helps qualified buyers to be exempt from paying the PTT on pre-constructed or newly built homes priced up to $750,000. A partial PTT exemption is also available on pre-constructed and newly built homes priced more than $750,000 and less than $800,000.

For more details, click here.

This grant helps homeowners reduce the property taxes they pay on their principal residence every year. There are many types of Home Owner grants that apply to homes assessed up to  a maximum threshold of $1.525 million. A partial grant is also available for homes assessed above this threshold where property taxes are reduced by $5 for every $1000 up until $1.639 million.  There are no basic HOG available for homes assessed at $1.639 million and no additional HOG at $1.859 million.

Here is quick breakdown of the regular (basic) grant:
–          $570 for principal residences in the Capital, Greater Vancouver, and Fraser Valley regional districts;
–          an additional grant of $200 for principal residences outside of the above districts in BC; and
–          an additional grant of $275 to seniors aged 65 and older, those who are permanently disabled, and veterans (or surviving spouse) of certain wars.

For more details, click here.

This program helps homeowners to defer their current property taxes owing on their home. There are two types of property tax deferment programs that you may qualify for. They are:

1)      Regular Tax Deferment Program. This applies to seniors of 55 or older, a surviving spouse of any age or person with disabilities.
 
2)      Families with Children Tax Deferment Program.  This applies for parents or step parents who financially support their child(ren) regardless of whether they live in the property or not.

For more details , click here.

This government incentive helps first time home buyers specifically those who do not have more than 5% down payment by offering them up to 10% of their purchase so they can afford to make lower mortgage payments on their principal home. This incentive is a shared equity mortgage between the homeowner and the government where the government also get to share in the profit (and loss) of the property value when the property is sold or when the mortgage is paid off.
Here is a quick breakdown of what the government will offer provided that you’re able to put down 5% of your own funds to wards the purchase of a home:  

– 5% or 10% for a first time buyer’s purchase of a newly constructed home
-5% for a first time buyer’s purchase of a resale (existing) home
-5% for a first time buyer’s purchase of a new or resale mobile/manufactured home

For more details, click here.

The Home Buyer’s plan helps qualifying home buyers withdraw up to $35,000 (couples can withdraw up to $70,000) from their RRSPs for a down payment. This Home buyers plan program is also eligible for those who have experienced a marriage or common-law breakdown even if they are not first-time buyers. Qualifying buyers who have repaid their RRSP may also be eligible to use the program a second time.

For more details, click here.

This rebate helps qualifying buyers to reduce goods & services tax paid on newly built homes. While it does not eliminate the 5% GST paid on the purchase price, a qualified buyer can receive a rebate up to 36% ($6300) for homes priced at $350,000 or less. A proportional GST rebate is also available for newly built homes that are priced between $350,000 and $450,000. No GST rebates are available for newly built homes priced at $450,000 and above.

For more details , click here. You can also calculate your GST rebate by using our GST Rebate calculator.

This program helps first-time home buyers to claim a maximum home buyer’s tax credit (HBTC) of $750 when they file their income returns. This HBTC is calculated by multiplying the home buyers’ amount of $5,000 by the federal non-refundable tax credit rate of 15 per cent (equal to the lowest personal income tax rate for the year). To qualify, individuals must be considered as first-time home buyers, the purchased property must be registered under the name of qualified buyers and that the property must also be located in Canada.  A person with disabilities or individual related to the person with disability may also qualify for the HBTC eventhough he or she is not considered a first time home buyer. 

For more details, click here.

HAFI is a provincial and federal government sponsored program that provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer. Due to Covid-19, BC housing will not be taking new HAFI applications until further notice.

For more details, click here.

This credit assists eligible seniors 65 and older with the cost of eligible permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online.

For more details, click here.