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First-Time Buyer in Metro Vancouver? Here's What's Actually Available to You in 2026

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Buying your first home can feel overwhelming, especially in a market like ours. The good news is that between federal and provincial programs, there's more support available to first-time buyers right now than there was just a couple of years ago. Here's a rundown of what's actually on the table.

Start with the FHSA, or First Home Savings Account, if you haven't already. It lets you contribute up to $8,000 per year, to a lifetime maximum of $40,000, and contributions are tax-deductible the same way an RRSP contribution is. Unlike the Home Buyers' Plan, money you withdraw from an FHSA to buy your first home doesn't need to be repaid. If you're not already using one, it's worth setting up even before you're ready to buy, since the contribution room builds over time.

Speaking of the Home Buyers' Plan, this one got a meaningful upgrade. As of April 2024, the RRSP withdrawal limit under the HBP increased from $35,000 to $60,000 per person. If you're buying with a partner who also qualifies as a first-time buyer, that's up to $120,000 combined between your two RRSPs, on top of whatever you've built up in your FHSAs. One thing to flag: the repayment grace period for HBP withdrawals made from January 1, 2026 onward is back down to the standard two years, rather than the five-year grace period that applied to earlier withdrawals. It's worth planning your repayment schedule with that in mind before you dip into your RRSP.

On the mortgage side, first-time buyers with less than a 20% down payment continue to have access to 30-year amortizations on insured mortgages, for both resale and new-build homes. That extra five years compared to the standard 25-year amortization can meaningfully lower your monthly payment, though it does mean paying more interest over the life of the loan, so it's worth running the numbers with your mortgage broker.

Here in BC, the Property Transfer Tax exemption is one of the biggest first-time buyer perks specific to our province. Homes priced under $500,000 are fully exempt from PTT for qualifying first-time buyers. Above that, there's a partial exemption worth up to $8,000 that phases out gradually between roughly $835,000 and $860,000. Depending on where you're shopping, that can mean a real difference in your closing costs.

None of these programs are mutually exclusive. Many first-time buyers I work with end up stacking their FHSA, their HBP withdrawal, and the BC PTT exemption on the same purchase, along with a 30-year amortization to help the monthly payment fit their budget. The right combination depends on your income, your timeline, and how much you've already saved — worth walking through before you start house-hunting rather than after you've found a place you love.

If you're a first-time buyer trying to figure out what you actually qualify for, I'm happy to sit down and walk through it with you. No pressure, no obligation, just a clear picture of where you stand.

Marvin Devaras, PREC*
Real Broker
604-417-9691
www.marvind.ca