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First Time Buyer? Here's Real Money You Might Be Leaving On The Table...
Posted on Aug 05, 2026 in
The First-Time Buyer Programs Worth Knowing About in 2026
If you're a first-time buyer in Victoria, the sticker prices in this market can feel discouraging, but there's more government support available than most people realize. Here's a plain-English rundown of what's currently on the table.
Property Transfer Tax exemption.
BC's First-Time Home Buyers' Program can fully or partially exempt you from Property Transfer Tax, potentially saving up to $8,000 on your purchase.The full exemption applies to homes valued up to $835,000, with a partial exemption for homes between $835,000 and $860,000. On an average Victoria purchase, that's a meaningful chunk of your closing costs covered.
Tax-sheltered savings accounts.
The First Home Savings Account (FHSA) lets you shelter up to $40,000 over your lifetime specifically for a home purchase, and contributions are tax-deductible the same way RRSP contributions are. It's one of the more useful tools introduced in recent years for buyers who are still saving up.
RRSP Home Buyers' Plan.
Through the Home Buyers' Plan, first-time buyers can withdraw up to $60,000 per person from their RRSP, tax-free, toward a down payment, meaning a couple could potentially access $120,000 combined, provided it's repaid over time per program rules.
GST relief on new construction.
If you're considering a new-build condo or townhome, ask your mortgage broker about current GST rebate thresholds for first-time buyers. This changes periodically and can meaningfully reduce the cost of new construction, which makes up a significant share of Victoria's current inventory.
The cooling-off period.
BC's Home Buyer Rescission Period gives buyers three business days after an accepted offer to cancel the contract if needed, a built-in safety net that didn't exist in this province a few years ago, giving first-timers a little more breathing room to finalize financing or get a second opinion.
The bottom line:
These programs can be layered. The PTT exemption, an FHSA, and the RRSP Home Buyers' Plan aren't either/or. But eligibility rules are specific and change year to year, so this is worth a real conversation with your mortgage broker and me before you assume what applies to you.If you're a first-time buyer trying to figure out what's actually within reach, let's sit down, no pressure, no obligation, and map out a realistic plan together.
