First Time Buying in Kamloops? 4 Programs That Can Save You Thousands

Buying your first home in Kamloops is a big step, and the good news is that both BC and Ottawa offer real help. Here are four programs every first time buyer should know about.

1. First Home Savings Account (FHSA)

You can contribute up to $8,000 a year, to a $40,000 lifetime limit. Contributions reduce your taxable income, and withdrawals for your first home are tax free. Open one early, because your contribution room only starts building once the account exists.

2. RRSP Home Buyers' Plan

First time buyers can withdraw up to $60,000 each from their RRSPs to buy a home, then repay it over 15 years. A couple buying together can access up to $120,000, and you can use it alongside your FHSA.

3. BC First Time Home Buyers' Exemption

BC waives the property transfer tax on the first $500,000 of a qualifying home worth up to $835,000. That is a saving of up to $8,000 on completion day, with a partial exemption up to $860,000.

4. 30 Year Amortization

First time buyers can now choose a 30 year amortization on an insured mortgage. Your monthly payment drops, which can make it easier to qualify and easier on your budget.

Put them together

On a $450,000 Kamloops townhome, a first time buyer could pay $0 in property transfer tax, fund the down payment with FHSA and RRSP savings and keep the monthly payment lower with a 30 year amortization.

Want the full step by step plan? Grab my free First Time Buyer's Playbook on the Free Guides page, or call me at 250 438 0153 for a no pressure strategy call.