Newly built homes
Building or buying new.
Is this you?
Who this is for
- You're buying a new home or condo from a builder
- You're building your own place on a lot
- You want to know which new-home tax breaks you qualify for
How it goes
Step by step
- 01
Your project
Buying new from a builder, or building yourself. Timelines and deposits.
- 02
The tax side
BC's newly built home exemption and the first-time buyer GST rebate, if they fit.
- 03
The financing
A completion mortgage, or a construction mortgage paid out in draws.
- 04
Move in
Final inspection, final draw, keys.
Numbers to know
The rules, in plain English
Newly built home exemption
Up to $1,100,000
No property transfer tax on a qualifying new home you'll live in, up to $1,100,000, with a partial break to $1,150,000.
Source: gov.bc.ca, Newly built home exemption amounts (updated 2025-12-03). Checked Nov 3, 2026.
Longest insured amortization
30 years
For first-time buyers and newly built homes. Everyone else with under 20% down is capped at 25 years. Going past 25 adds 0.2% to the premium.
Source: Department of Finance, mortgage reforms (30-year amortization, $1.5M cap, from Dec 15, 2024). Checked Nov 3, 2026.
First-time buyer GST rebate
Up to $50,000
Full GST back on new homes up to $1,000,000, phasing out to nothing at $1,500,000. Conditions apply.
Source: CRA, First-time home buyers' GST/HST rebate (modified 2026-03-30). Checked Nov 3, 2026.
The stress test
5.25% or rate + 2%
Lenders check you could afford the payment at whichever is higher. It's a safety check, not the rate you'll pay.
Source: OSFI, Minimum qualifying rate for uninsured mortgages (modified 2026-01-29). Checked Nov 3, 2026.
What to have ready
Documents most lenders ask for
- Your purchase agreement or building contract
- Plans, budget and builder details, if you're building
- Income documents and down payment statements
Don't email these.
When it's time, you'll upload them through the brokerage's secure application. Every lender is a bit different, so I'll send you an exact list.
Calculators
Try the numbers
Questions
Common questions
Do I pay property transfer tax on a new home?
BC's newly built home exemption covers the full tax on qualifying new homes up to $1.1 million, with a partial exemption up to $1.15 million. You have to live in it as your main home.
Can I get a 30-year amortization?
Yes, on an insured mortgage for a newly built home that hasn't been lived in before, or if you're a first-time buyer.
Ryan Grafton, Mortgage Broker | Mortgage Architects
Got a question? Ask it.
Fifteen minutes on the phone usually clears it up. No pressure.