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FHSA and BC First Time Home Buyer Programs: How to Stack Them in 2026
Quick answer: A first time buyer in BC can combine a First Home Savings Account (up to $40,000 plus growth, tax free), the RRSP Home Buyers' Plan (up to $60,000), and the BC property transfer tax exemption (up to $8,000 saved on homes up to $835,000). Buyers of a new home may also get the federal first time buyer GST rebate of up to $50,000. A couple who both qualify can bring up to $200,000 from the FHSA and RRSP alone.
How much down payment can you put together?
Enter what each buyer has in an FHSA and an RRSP, plus savings and any gift. The FHSA counts up to $40,000 a person, plus growth, and the Home Buyers' Plan up to $60,000 a person.
Down payment you could have
$103,000
The FHSA balance is capped at the $40,000 of contributions here; growth inside the account comes out tax free too. Home Buyers' Plan withdrawals are repaid to your RRSP over 15 years.
The programs at a glance
| Program | What you get | Key rule |
|---|---|---|
| First Home Savings Account (FHSA) | Contributions are tax deductible and a qualifying withdrawal is tax free | $8,000 a year, $40,000 lifetime |
| RRSP Home Buyers' Plan | Withdraw from your RRSP tax free for a first home | Up to $60,000 each, repaid over 15 years |
| BC first time buyer transfer tax exemption | No tax on the first $500,000, saving up to $8,000 | Full up to $835,000, partial up to $860,000 |
| BC newly built home exemption | Transfer tax relief on a new home, for citizens and permanent residents who will live in it | Full up to $1.1 million, partial up to $1.15 million |
| Federal first time buyer GST rebate | Up to $50,000 of GST back on a new home | Full up to $1 million, reducing to nothing at $1.5 million |
| 30 year insured amortization | Lower payments and a larger approval | First time buyers and new builds, homes under $1.5 million |
Figures as of November 2026. Check eligibility with the Canada Revenue Agency and the BC government, or ask your accountant, before you rely on them.
FHSA or RRSP first?
The FHSA usually comes first: you get the tax deduction going in and pay no tax coming out, and nothing has to be repaid. The Home Buyers' Plan is a loan from your RRSP that must be paid back over 15 years, or the yearly amount is added to your income. If you have time, fill the FHSA, then add the RRSP. RRSP contributions made less than 90 days before you withdraw them under the plan lose their tax deduction.
What you still need: down payment and qualifying
The minimum down payment is 5% of the first $500,000 and 10% of the rest, on homes under $1.5 million. Lenders check that your down payment has been in your accounts for 90 days or comes from a documented source such as an FHSA, RRSP or a gift. See the down payment calculator, the closing costs calculator and the first time home buyer guide, then get a mortgage pre approval.
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Frequently asked questions
How much can I put in an FHSA?
Up to $8,000 a year and $40,000 in your lifetime. If you open an account and do not use all of a year's room, up to $8,000 carries forward to the next year, so you could put in as much as $16,000 in one year.
Can I use the FHSA and the RRSP Home Buyers' Plan together?
Yes. You can withdraw from your FHSA and take up to $60,000 from your RRSP under the Home Buyers' Plan for the same home. A couple who are both first time buyers can combine both for each person.
Who counts as a first time home buyer for the FHSA?
You must be a Canadian resident, at least 18, and not have lived in a home that you or your spouse or common law partner owned in the current year or the previous four calendar years.
Do first time buyers in BC pay property transfer tax?
Not on homes up to $835,000, where the first time buyer exemption covers the tax on the first $500,000 (up to $8,000). The exemption shrinks between $835,000 and $860,000. Newly built homes have a separate exemption up to $1.1 million, reducing to $1.15 million.
Can first time buyers get a 30 year mortgage with less than 20% down?
Yes. Since December 15, 2024, first time buyers and buyers of newly built homes can take a 30 year amortization on an insured mortgage, which lowers the payment and raises what you qualify for.
Want a lender's view of your numbers? Book an appointment with Asim Ali, ranked #4 in the CMP Top 75 Mortgage Brokers in Canada for 2026, or call 604‑591‑3590.