Great grants and rebates for home buyers and owners
BC Property Transfer Tax (PTT) first-time home buyers’ program
Qualifying first-time buyers may be exempt from paying the PTT of 1 per cent on the first $200,000 and 2 per cent on the remainder of the purchase price of a resale home priced up to $500,000. There is a proportional exemption for homes priced between $500,000 and $525,000. At $525,000 and above there's no exemption. Foreign entities and taxable trustee are not eligible for the exemption.
Learn more. 1-888-355-2700.
BC Property Transfer Tax (PTT) newly built home exemption
Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000 and a partial exemption on newly built homes priced $750,000 to $800,000.
Learn more. 1-888-355-2700.
BC Home Owner Grant
This grant reduces property taxes for home owners with an assessed or partitioned value up to $1.975 million. The grant is reduced by $5 for each $1,000 above the threshold. Properties up to $2,089,000 ($2,129,000 in northern and rural areas) can receive a partial grant. The grant is eliminated at $2,144,000 (basic grant) and $2,184,000 in northern and rural areas. The basic grant:
- up to $570 for principal residences in the Capital, Greater Vancouver, and Fraser Valley regional districts;
- an additional grant of $200 to rural home owners elsewhere in BC; and
- an additional grant of $275 to seniors aged 65 and older, those who are permanently disabled, and veterans of certain wars.
BC property tax deferment programs
- Property Tax Deferment Program for Seniors: qualifying home owners aged 55 and older can defer property taxes.
- Property Tax Deferment Program for Families with Children: qualifying home owners who financially support children under age 18 can defer property taxes.
Learn more. Vancouver: 604-660-2421. Elsewhere in BC: 1-800-663-7867.
CMHC First-time Home Buyers’ Incentive
Qualifying first-time home buyers with household incomes less than $120,000 a year and a five per cent down payment a 10 per cent shared equity mortgage for a newly constructed home OR a five per cent shared equity mortgage for an existing home. The buyer repays the incentive later or at re-sale. The incentive reduces the amount of monthly mortgage payments. Extended to March 31, 2025.
Home Buyers’ Plan
Qualifying home buyers can withdraw up to $35,000 (couples can withdraw up to $70,000) from their RRSPs for a down payment. Home buyers who have experienced a breakdown in their marriage or common-law partnership even if they are not first-time buyers and those who have repaid their RRSP may be eligible to use the program a second time.
Tax-Free First Home Savings Account
This is an upcoming program where first-time home buyers can save up to $40,000 tax-free. Like RRSPs, contributions are tax-deductible. Withdrawals to buy a first home, including investment income, are non-taxable, like a TFSA. Tax-free in, tax-free out.
GST/HST New Housing Rebate
New home buyers can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes that cost between $350,000 and $450,000. There’s no rebate for homes priced at $450,000 and above.
Learn more. 1-800-959-8287.
First-time home buyers’ tax credit
Eligible home buyers can claim up to $10,000 on Line 369 of Schedule 1 when filing their income tax and benefit returns. For homes purchased on or after January 1, 2022, the maximum home buyers’ tax credit is $1,500, which is calculated by multiplying the home buyers’ amount of $10,000 by the federal non-refundable tax credit rate of 15 per cent (equal to the lowest personal income tax rate for the year).
Learn more. 1-800-959-8281.
CMHC mortgage loan insurance premium refund
This program provides home buyers with CMHC mortgage insurance, a 15 or 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations.
Learn more. 604-731-5733.
Municipal rent bank programs
BC Rebate for Accessible Home Adaptations (BC RAHA)
This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include home owners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability.
Learn more. 604-433-2218 or 1-800-257-7756.
BC Seniors’ home renovation tax credit
This credit assists eligible seniors 65 and older with the cost of eligible permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online.
Learn more. 1-800-959-8281.
Home accessibility tax credit
Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations.
Energy saving mortgages
Low interest green renovation loans
Clean BC plan
This plan is a new $679 million program of the BC Government that provides a range of incentives including up to $8,000 for buyers of electric vehicles, and $2,000 to replace a fossil fuel heating system.
Commercial, institutional and multi residential buildings: up to $2,000 for an energy audit and up to $48,000 for capital investments reducing greenhouse gas emissions.
Rebates for home, workplace EV charging
The province offers homeowners a rebate up to 75 per cent of purchase/installation costs of an EV charger to a max of $350. Workplaces/residents of condos/apartments rebate up to 75 per cent to a max of $5,000 per station. Up to 5 hours free support services from an EV charging station advisor.
BC Hydro rebates to improve a home’s efficiency
BC Hydro offers a wide range of rebates for heat pumps, insulation, draft-proofing, hot water heaters, and a $300 bonus offer for making two eligible upgrades within 18 months.
FortisBC rebates and offers
FortisBC customers can receive rebates when building ENERGY STAR new homes or installing high-efficiency natural gas fireplaces. Also, FortisBC offers home owners rebates for upgrades and improvements, including insulation, space and water heating systems, and ventilation to reduce your energy bill. Includes a bonus offer for completing three or more upgrades. Total value: up to $10,000.
Energy savings kits
FortisBC rebate for rental apartment buildings
The Rental Apartment Efficiency Program for owners and managers of rental apartment buildings of nine or more units includes a new water-efficient shower head and kitchen and bathroom faucet aerator for each unit, an energy assessment, and ongoing professional assistance.
Join the Power Smart Team
Become a member of Team Power Smart and start a challenge to reduce your electricity use by 10 per cent over the next year. If you’re successful you’ll earn a $50 reward.
ENERGY STAR appliance rebates
BC Hydro Power Smart and participating municipalities offer $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers and refrigerators.
FortisBC rebate program for businesses
For commercial buildings, you can save up to $500,000 for constructing high-performance, energy efficient commercial, multi-unit residential or industrial buildings and up to $1 million for industrial building energy-efficient upgrades.
Rain barrel subsidy programs
Local government water meter programs
Wood stove exchange program
$250 for changing to a cleaner burning wood stove; $400 for changing to a qualifying electric heat pump, gas or propane stove, or pellet-fuelled stove; and $500 for those who live in 'Red Zone' communities.