What programs are available to first-time home buyers in BC in 2026?

BC first-time buyers can stack five main programs: the BC Property Transfer Tax exemption (up to $8,000 savings on homes under $835,000), the RRSP Home Buyers' Plan (withdraw up to $60,000 tax-free), the First Home Savings Account (contribute up to $40,000 tax-free and withdraw tax-free for a first home), the federal First-Time Home Buyers' Tax Credit ($1,500 back on your tax return), and the GST/HST New Housing Rebate on new construction. Couples can combine HBP and FHSA limits, accessing up to $200,000 in tax-advantaged down payment money between them.

How much down payment do I need for a first home in the Fraser Valley?

The minimum is 5% on the first $500,000 of the purchase price, then 10% on the portion between $500,000 and $1.5 million. For homes at or above $1.5 million, you need 20% because CMHC mortgage insurance no longer applies. For a $700,000 Surrey townhouse, the minimum down payment is $45,000 ($25,000 on the first $500K plus $20,000 on the next $200K).

What is the first step a first-time buyer in BC should take?

Open a First Home Savings Account (FHSA) as early as possible — even if you are three to five years from buying. The $8,000 annual contribution room only accrues once the account is open, so waiting costs you real money. After that, talk to a mortgage broker 6–12 months before you plan to buy so there is time to fix any credit or income issues before your pre-approval.

What income do I need to qualify for a home in the Fraser Valley in 2026?

For a $700,000 townhouse with the minimum $45,000 down payment, a 30-year amortization, and a 4.5% fixed rate, you need roughly $135,000–$145,000 in qualifying household income after applying the federal stress test at 6.5%. Most first-time buyers in Surrey and Langley reach this threshold by co-buying with a partner or including a co-signer.

Can I use the FHSA and the RRSP Home Buyers' Plan together?

Yes — they stack. On the same home purchase, you can withdraw up to $60,000 from your RRSP via the Home Buyers' Plan and up to $40,000 from your FHSA, in addition to claiming the BC Property Transfer Tax exemption. For couples where both qualify, the combined maximum is $120,000 from RRSPs and $80,000 from FHSAs — $200,000 in total tax-advantaged down payment funds.

What changed for first-time buyers in BC in 2025 and 2026?

Three significant changes came into effect: (1) The 30-year amortization became available on CMHC-insured mortgages for first-time buyers purchasing new construction (August 2024), then expanded to all insured first-time buyer purchases (December 2024). (2) The insured mortgage cap was raised from $1 million to $1.5 million (December 2024), allowing insured mortgages on higher-priced properties. (3) The GST New Housing Rebate was expanded — homes up to $1 million now qualify (Royal Assent March 12, 2026), up from the previous $450,000 threshold, potentially saving first-time buyers up to $50,000 on new construction.

Do I qualify for the BC PTT exemption on a Chilliwack home?

Yes. Qualifying first-time buyers (Canadian citizens/PR, 12 months BC residency, never owned a principal residence) receive a full Property Transfer Tax exemption on resale properties priced under $835,000. Since almost all condos and townhouses in Chilliwack sit under this ceiling, they qualify for the full exemption.

What is the minimum down payment in Chilliwack?

The minimum down payment is 5% on the first $500,000 of the purchase price. For a typical $400,000 Chilliwack condo, the minimum down payment is $20,000.

What is the best Chilliwack neighbourhood for first-time buyers?

Sardis (Sardis South) is highly popular for family living and transit access. Promontory offers scenic mountain views and newer townhouse developments. Garrison Crossing is a walkable master-planned community. Chilliwack Proper offers mature residential streets, and Fairfield Island is a quiet pocket on the north side.

What income do I need to qualify for a home in Chilliwack?

For a $450,000 property with $22,500 down, you will need a qualifying household income of roughly $85,000 to $95,000, depending on strata fees, property taxes, and other debts.

First-Time Home Buyer Chilliwack Guide: The 2026 Playbook

Chilliwack offers first-time buyers some of the most accessible entry-level home prices in the Fraser Valley, with mountain views and quiet suburban streets. We created this guide to break down Chilliwack-specific tax programs, mortgage calculations, and neighbourhood selections in plain English.

Book a no-pressure chat Browse homesUpdated May 28, 2026 · 6 min read

01Navigating Chilliwack's first-time buyer market 02What you'll actually pay: A Chilliwack worked example 03Chilliwack neighbourhood breakdowns 04Next steps in your Chilliwack home search

$7K

Max BC PTT exemption

$60K

Max HBP withdrawal

$40K

FHSA lifetime limit

$850K

Insured budget limit

Navigating Chilliwack's first-time buyer market

Chilliwack represents the eastern anchor of the Fraser Valley. For first-time buyers, it offers a dramatic reduction in entry prices compared to Surrey or Langley, making homeownership possible on a single income or lower family budget.

Because local benchmark prices sit below regional averages, almost every condo and townhouse in Chilliwack falls under the $835,000 Property Transfer Tax threshold, qualifying you for the full exemption.

Live Chilliwack first-home inventory

Active condos and townhouses in Chilliwack priced at or below $850,000.

View all first-home listings in Chilliwack

This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.

What you'll actually pay: A Chilliwack worked example

Here is a realistic financial scenario for a $450,000 resale condo in Chilliwack, using today's typical first-time buyer rates and stacking incentives.

Worked example

Chilliwack Condo Example — $450,000 resale home

Purchase price: $450,000
Minimum down payment (5% of price): $22,500
Base mortgage loan principal: $427,500
CMHC premium (4.00%, added to loan balance): $17,100
Total mortgage amount: $444,600
BC PTT (before first-time buyer exemption): $7,000
BC Property Transfer Tax actually owed: $0 (Saved $7,000!)
BC PST on CMHC premium (due at closing): $1,197
Legal fees, inspections, & adjustments: ≈ $4,000
Estimated monthly payment (4.5% rate, 30-yr amort): ≈ $2,244 / mo
Stress-tested qualifying payment (6.5% rate): ≈ $2,781 / mo
Required qualifying household income: ≈ $85,000–$95,000

Qualifying buyers save the full $7,000 in Property Transfer Tax, allowing you to keep that cash in reserve for moving costs and lawyer fees.

By stacking your FHSA and HBP limits, you can maximize your down payment using pre-tax funds. Two co-buyers can stack up to $80,000 in FHSA savings with up to $120,000 in RRSP HBP withdrawals to pull up to $200,000 completely tax-advantaged.

Chilliwack neighbourhood breakdowns

Chilliwack consists of several distinct residential communities. We suggest choosing your search area based on your daily commute and lifestyle requirements:

Sardis (Sardis South)

The central residential hub with newer school catchments and shopping.

Promontory

Scenic hillside community featuring modern townhouses with valley views.

Garrison Crossing

Walkable master-planned community near the Vedder River trails.

Chilliwack Proper

Historic urban core featuring mature residential streets and condos.

Fairfield Island

Quiet northern residential enclave with large lots and parks.

Next steps in your Chilliwack home search

If you are planning to purchase your first home in Chilliwack, the FRIVE team is here to assist. We can guide you through the process, evaluate local strata documents, and help you find a property that fits your lifestyle.

You can book a chat with the FRIVE team or start exploring the live listings above. We never use high-pressure sales tactics — our goal is to help you make an informed decision.

Questions we get

Frequently asked questions

The questions we hear most often from first-time buyers in actual FRIVE meetings.

Sources

Where these numbers come from

1First time home buyers' program — Province of British Columbia. Accessed May 28, 2026.
2Fraser Valley Real Estate Board Monthly Market Report — Fraser Valley Real Estate Board. Accessed May 28, 2026.
3First Home Savings Account (FHSA) — Canada Revenue Agency. Accessed May 28, 2026.

Tax thresholds, program limits, and rates change. We update this page when we notice a change. Before signing anything, verify the current figure with the linked source — or ask your mortgage broker.