Programs for First Time Home Buyers
Each person who is a first time buyer (or has not owned a home in 5 years) can use up to $20,000 from their RRSP and use it as downpayment. The funds are required to be repaid in instalments over 15 years. Any year not repaid you will face an income tax liability. Poor credit is not an issue with the plan itself, just what lender will facilitate a deal for you, and at what rate and downpayment loan to value.
Read More on the Official Government of Canada Website
First Time Home Buyers Program - Property Tax Transfer Exemption
If you are purchasing your first home, you may qualify for an exemption from property transfer tax
if certain requirements are met.
You qualify for the exemption if:
- You are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,
- You have lived in British Columbia for 12 consecutive months immediately before the date
you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
- You have never owned an interest in a principal residence anywhere in the world at anytime,
- You have never received a first time home buyers’ exemption or refund.
Read more About This Program on the Government of Canada's Website