First-Time Home Buyer BC: Save $10K in Costs (2026 Guide)

Here is what that looks like on a few realistic purchase prices:

• $480,000 condo in Surrey: Standard PTT would be $7,600. With the exemption, you pay $0.
• $650,000 condo in Burnaby: Standard PTT would be $11,000. With the exemption, you save $8,000 and pay $3,000.
• $800,000 townhouse in the Fraser Valley: Standard PTT would be $14,000. With the exemption, you save $8,000 and pay $6,000.

To claim the exemption, your lawyer or notary handles the paperwork as part of the standard closing process. You do not apply separately.

Newly Built Home Exemption: A Different Route to Zero PTT

If you are buying a brand-new condo or townhouse and you are not technically a first-time buyer, there is a second exemption worth knowing about. The newly built home exemption fully eliminates PTT on purchases up to $1,100,000, with a partial exemption up to $1,150,000. You must be a Canadian citizen or permanent resident, move in within 92 days, and live there for at least one year. This exemption and the first-time buyer exemption cannot both be claimed on the same purchase, so your lawyer will choose the one that saves you the most.

The First Home Savings Account (FHSA): Tax-Free Saving with an Extra Deduction

The FHSA is a federal registered account that combines the best parts of an RRSP and a TFSA specifically for first-time buyers. You can contribute up to $8,000 per year, with a lifetime maximum of $40,000. Contributions reduce your taxable income, just like an RRSP, so an $8,000 contribution could save you $2,000 to $3,600 in income tax depending on your bracket. When you withdraw the money to buy your first home, the withdrawal is completely tax-free, just like a TFSA.

If you have not opened one yet, do it as soon as possible. Unused annual room carries forward (up to $8,000 in unused contribution room can be carried over to the following year), so every year you wait is room you can never recover. The account can hold cash, GICs, ETFs, or mutual funds, and you can transfer funds from your RRSP into an FHSA without triggering tax.

The Home Buyers' Plan: Access Your RRSP Without a Tax Hit

The Home Buyers' Plan (HBP) lets you withdraw from your RRSP to use toward your first home purchase without paying income tax on the withdrawal at the time you take it out. As of the April 2024 federal budget, the withdrawal limit was raised from $35,000 to $60,000 per person. A couple buying together can withdraw up to $120,000 combined.

The trade-off is that you must repay the withdrawn amount into your RRSP over 15 years, starting two years after the year of withdrawal. If you miss a repayment in any given year, that year's portion is added to your taxable income. For buyers who have been steadily contributing to an RRSP, this is a straightforward way to access a large lump sum at the exact moment you need it most.

The FHSA and HBP can be used together on the same purchase, which is a meaningful advantage. A buyer who has maxed their FHSA ($40,000) and withdraws from their RRSP ($60,000) could access $100,000 in down payment funds, with the FHSA portion never needing to be repaid.

What These Programs Mean for Real BC Price Ranges

The programs above are most powerful when they align with what is actually available at the right price points. Here is where the current Zealty data is useful.

Across Greater Vancouver, there are currently 6,231 condos for sale, with a median price of $728,000 and a median of $928 per square foot. That puts the average unit above the PTT full exemption threshold, but well within the partial exemption range. More importantly, over 900 of those units are listed under $500,000, meaning full PTT exemption and a more manageable down payment.

Surrey is the clearest opportunity for buyers working with a tighter budget. With 1,058 condos currently active at a median of $520,000 (and $707 per square foot), most of the market sits at a price where you would pay zero PTT. The Surrey listings on Zealty let you filter by property type, price, and bedroom count to find exactly where your budget lands today.

Burnaby sits in the middle, with condos at a median of $709,450 and North Vancouver slightly above that at $834,900, which is right at the edge of the partial exemption window. Fraser Valley townhouses, often overlooked by first-time buyers, are sitting at a median of $838,000 with $518 per square foot, giving you significantly more space per dollar than a Vancouver condo.

What to Check Before You Buy a Condo

Buying your first home in BC almost always means buying into a strata. That comes with shared costs, bylaws, and a building's financial history that matters as much as the unit itself. Before making an offer on any condo, there are specific documents and data points you should review. Most entry-level condos in BC are strata properties. Understanding how strata works before you buy will help you assess both the unit and the building's financial health

Zealty's Strata Browser gives you access to building information across more than 14,000 BC strata buildings, searchable by name or address. Each building page includes the building health widget, which surfaces key indicators about the building's financial and structural condition before you dig into the full document stack. For a detailed breakdown of what to look for in strata minutes, Form B, depreciation reports, and reserve fund status, see our guide on how to assess a condo building before you buy.

Starting in 2026, all strata corporations with five or more units in Metro Vancouver and the Fraser Valley are legally required to have a current depreciation report on file. That makes this the best time in BC history to be a condo buyer: more buildings than ever will have documented 30-year repair plans, reducing the risk of being hit with a surprise special levy after you close.

If you are buying with a realtor, your agent's commission is typically covered by the seller in BC. However, it's worth understanding how that fee is structured and what sellers on the other side of your transaction are paying. The full breakdown is in the guide to realtor commission in BC.

Where to Start Your Search

The best first step is to understand what your budget actually buys in each part of Metro Vancouver and the Fraser Valley right now. Zealty's search lets you filter by price, property type, neighbourhood, and bedroom count across every active MLS listing in the region.

If you are a first-time buyer targeting the PTT exemption, setting your price ceiling at $835,000 and filtering for condos and townhouses will show you the full universe of eligible properties. From there, sort by price per square foot to find where your dollars go furthest, and use the building health widget on any condo listing to check the strata's financial standing before you book a showing.

Start your search on Zealty with live MLS data updated throughout the day.