Tax Rebates & Savings for Multiplex Buyers in BC

What is the GST rebate for first-time home buyers in Canada?

The first-time home buyers' GST/HST rebate returns up to $50,000 of the GST on a new home priced at or below $1 million, according to the Canada Revenue Agency (CRA). Between $1 million and $1.5 million the rebate gets smaller, and at $1.5 million it is gone; a $1.25 million home gets $25,000. It applies to purchase agreements signed on or after March 20, 2025 and before 2031, for a home that will be your main home.

The date that matters is the day you signed the purchase agreement; your closing date can be later. There is also a look-back test: you must not have lived in a home that you or your spouse or common-law partner owned, as your main home, in the current year or the four calendar years before. You must be at least 18 and a Canadian citizen or permanent resident, and neither you nor your spouse can have received this rebate before. Your builder can credit the rebate at closing, and your lawyer will show it as a line item on your Statement of Adjustments. If the builder does not credit it, you apply to the CRA yourself.

Does the GST rebate apply to pre-sale multiplex purchases?

Yes, the first-time buyer GST rebate applies to a pre-sale multiplex home if you signed the purchase agreement on or after March 20, 2025 and you meet the first-time buyer test, according to the Canada Revenue Agency. The date you signed is the date that counts, so a closing years away can still qualify, as long as building starts before 2031, finishes before 2036, and ownership passes to you before 2036.

If you signed a pre-sale contract before March 20, 2025, this rebate does not apply to that purchase. If you signed on or after that date, you can qualify even if your closing is years away. The home must be newly built or substantially renovated, and you must intend to use it as your main home. Resale homes do not qualify.

What is the BC Property Transfer Tax and how much can I save?

BC's Property Transfer Tax (PTT) is a one-time provincial tax paid when the home is registered in your name. According to the Province of BC, first-time buyers are exempt from the tax on the first $500,000 of the price, worth up to $8,000, on homes up to $835,000, with a partial exemption to $860,000. Buyers of newly built homes, including new multiplex homes, get a full exemption up to $1,100,000, with a partial exemption to $1,150,000.

Here is how the math works. The standard PTT rate is 1% on the first $200,000 of the purchase price, 2% on the portion from $200,000 to $2M, and 3% above that. On a $900,000 new multiplex home, the PTT without any exemption would be $16,000 (1% of $200K = $2,000; 2% of $700K = $14,000). Under the newly built home exemption, you pay nothing and keep all $16,000. On a new home above $500,000, the newly built home exemption is worth more than the first-time buyer exemption, because it removes all the tax up to $1,100,000, while the first-time exemption covers only the tax on the first $500,000. If you buy with someone who is not a first-time buyer, the Province says only the first-time buyer's share of the property gets the first-time exemption. Your lawyer calculates this at closing.

What is the FHSA and how does it work for a multiplex purchase?

The First Home Savings Account (FHSA) lets a first-time buyer contribute up to $8,000 a year, to a $40,000 lifetime maximum, according to the Canada Revenue Agency (CRA). Contributions are tax-deductible, like an RRSP, and a qualifying withdrawal for your first home is tax-free, like a TFSA. To withdraw, you need a written agreement to buy the home with a completion date before October 1 of the year after the withdrawal, and you must plan to live there within one year.

You get a tax deduction when you contribute, so if you are in a 40% combined federal and provincial bracket, an $8,000 contribution saves you $3,200 in income tax that year. When you withdraw for a home purchase, there is no tax at all on the withdrawal or any investment growth inside the account. Unused contribution room carries forward up to $8,000 to the following year, so if you opened the account but could not contribute in year one, you can put in $16,000 in year two. The CRA sets no minimum number of days that money must stay in the account before a qualifying withdrawal. A couple can each open their own FHSA: $40,000 per person, $80,000 together. Combine that with the RRSP Home Buyers' Plan ($60,000 per person) and a couple can use $200,000 of their own savings without tax.

Can I use both the FHSA and the RRSP Home Buyers' Plan on the same purchase?

Yes, you can use both the FHSA and the RRSP Home Buyers' Plan (HBP) on the same home purchase. The Canada Revenue Agency sets the HBP limit at $60,000 per person, repaid over 15 years, and the FHSA lifetime limit at $40,000. A single buyer can use up to $100,000 ($40K FHSA + $60K HBP), and a couple up to $200,000. Both are your own savings moved without tax; the GST rebate and PTT exemption are the parts that lower the price.

The HBP allows you to withdraw up to $60,000 from your RRSP tax-free for a first home, with 15 years to repay it. Unlike FHSA withdrawals, HBP withdrawals must go back into your RRSP over time, so they work like a loan to yourself. For a first withdrawal made from 2022 through 2028, the CRA starts repayment in the fifth year after the withdrawal instead of the second. Combined with the FHSA, a couple buying a $900K new multiplex unit could have $200,000 from these two programs alone, well above the down payment needed, and still get the $45,000 GST rebate and $16,000 PTT exemption on top of that.

Does the Speculation and Vacancy Tax apply to multiplex owners in BC?

BC's Speculation and Vacancy Tax does not charge an owner who lives in the multiplex home as their principal residence, or who rents it out for at least six months of the year, according to the Province of BC, which says more than 99 percent of people in BC are exempt. Vancouver and Burnaby are both taxable areas. If the province sends you a declaration letter, you must complete the declaration before March 31 every year, even when you are exempt.

The SVT is aimed at homes that sit empty or are used for a small part of the year. If you buy a new multiplex home and live in it as your main home, you declare that fact each year and your SVT bill is zero. If you own the whole building, the province's guidance says renting for at least six months of the year also counts. For 2026, the SVT rate is 1% of assessed value per year for Canadian citizens and permanent residents who are not untaxed worldwide earners, and 3% for foreign owners and untaxed worldwide earners, which is why the exemptions matter for multiplex buyers.

What do I have to do to keep the BC newly built home exemption?

To keep BC's newly built home exemption from property transfer tax, you must move into the home within 92 days of the date it is registered at the Land Title Office, and live there as your principal residence for the rest of the first year, according to the Province of BC. You must be a Canadian citizen or permanent resident. If you move out early, you may keep part of the exemption but must repay a share based on the days you were away.

How do I claim the first-time buyer GST rebate on a new multiplex home?

You claim the first-time buyer GST rebate on a new multiplex home in one of two ways, according to the Canada Revenue Agency (CRA). Your builder can credit it at closing, the same way builders credit the existing GST/HST new housing rebate. If the builder does not, you apply to the CRA yourself through your CRA account or with Form GST190, usually within two years of taking ownership. Ask your builder and your lawyer which way your purchase will use before you sign.