First time home buyers can put down as little as 5% on the purchase of their first home. The first-time home buyers' program reduces or eliminates the amount of
property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
For newly built homes, first time home buyers are able to apply for a GST credit from the government and/or the developer. The GST in BC is equal to 5%, and as a home buyer you may be eligible for a rebate of 36% of the 5% GST.
To find out more visit the British Columbia Government website
here or consult with your tax professional
