Absolutely! You can check if your new home qualifies for the Property Transfer Tax Exemption for First Time Home Buyers. If you’ve lived in BC for over a year as a Canadian citizen or permanent resident, and this is your first home, you can apply to be exempted from the Property Transfer Tax. If your new home costs over $500,000 though, you won’t qualify.
Good answer, by the way, There is a program called RRSP First Time Buyers Plan, where you can essentially loan yourself up to $25,000 of your RRSP to help with the purchase. You’ll need to be a resident of Canada and planning to live in that home primarily.
