First-time buyer guide — British Columbia
The steps, the minimum down payments, and the closing costs to budget for when you buy your first home in BC.
Tax and rebate rules change: the property transfer tax rates, first-time buyer exemptions and thresholds below are the general BC rules — verify the current figures at gov.bc.ca before you rely on them.
FHSA contribution tracker
Enter what you contributed each year to see your remaining room, the amount carried forward, and when you would reach the limit.
New room each year$8,000
Lifetime contribution limit$40,000
Total contributed so far—
Room available this year—
Unused room carried into next year—
Lifetime room remaining—
Progress toward the $40,000 lifetime limit0%
Key FHSA rules
- Contributions are tax-deductible — they lower your taxable income in the year you claim the deduction.
- Withdrawals used to buy a qualifying first home are tax-free.
- The account must be closed within 15 years of opening it (or by the end of the year you turn 71, or the end of the year after your first qualifying withdrawal — whichever comes first).
- You generally count as a first-time buyer if, during the current calendar year or the previous 4 calendar years, you did not live in a home that you or your spouse owned.
- You gain $8,000 of new room for each year you hold the account, up to $40,000 in total. Unused room carries forward, but no more than $8,000 of it can be added in any single year.
FHSA rules can change — verify the current rules with the Canada Revenue Agency (CRA) at canada.ca before you rely on them.