If you’ve been thinking about buying your first home, there’s a new incentive that could make a meaningful difference — especially if you’ve been considering a new construction home in BC.

Canada’s new First-Time Home Buyers’ GST/HST Rebate can eliminate the GST (or federal portion of the HST) on qualifying new homes priced up to $1 million, and offer a reduced rebate on homes priced between $1 million and $1.5 million. In practical terms, that could mean up to $50,000 in savings for eligible buyers. The CRA says the rebate is now available, and the measure generally applies to qualifying agreements entered into on or after March 20, 2025 and before 2031.

For many buyers, especially those trying to enter the market for the first time, this changes the conversation.

What Is the First-Time Home Buyer GST Rebate?

The First-Time Home Buyers’ GST Rebate is a federal incentive designed to reduce the tax paid on qualifying newly built or substantially renovated homes that will be used as a buyer’s primary residence. Depending on the purchase price, eligible buyers may recover some or all of the GST or federal HST paid.

Here’s how it works:

• Homes priced up to $1,000,000 may qualify for a full rebate

• Homes priced between $1,000,000 and $1,500,000 may qualify for a partial rebate

• Homes priced at or above $1,500,000 are not eligible

That means buyers shopping in the new home market may now have more room in their budget — whether that’s for a larger down payment, closing costs, furnishings, or simply better monthly affordability.

How Much Could You Save?

The potential savings are significant.

For an eligible first-time buyer purchasing a qualifying new home in BC, the GST rebate can be worth up to $50,000. That kind of savings can have a real impact, particularly in markets where many buyers are trying to balance home prices, interest rates, and upfront costs.

In a market where every dollar matters, reducing the tax burden on a new home purchase can make ownership more achievable than many buyers realize.

Who Qualifies as a First-Time Home Buyer?

This is one of the biggest questions buyers are asking right now.

In general, to qualify as a first-time home buyer for this rebate, you must not have lived in a home you owned (or that your spouse/common-law partner owned) as your primary place of residence during the relevant lookback period. The CRA’s eligibility pages also note occupancy and primary residence requirements, and at least one purchaser generally needs to meet the first-time buyer criteria.

Because every buyer’s situation is different, it’s always a good idea to confirm your eligibility with your accountant, lawyer, mortgage professional, or the appropriate government resources before making a purchase decision.

Why This Matters for Buyers in BC

For many buyers in British Columbia, especially those looking at new townhomes, condos, and presale opportunities, this rebate could be a game-changer.

BC buyers are often navigating:

• High purchase prices

• Rising or fluctuating monthly ownership costs

• Down payment pressure

• Closing costs and moving expenses

A tax savings opportunity like this can help bridge the gap between “almost ready” and “ready to buy.”

It also makes new construction homes even more attractive — especially for buyers who value:

• Modern layouts

• Energy-efficient features

• New-home warranty coverage

• Lower maintenance in the early years of ownership

Does This Apply to Presale Homes?

In many cases, yes — but it depends on the structure and timing of the purchase.

The rebate is intended for qualifying new homes purchased from a builder, including many newly built homes and condos, provided the home will be your primary residence and other eligibility requirements are met. The CRA and Finance Canada also note that assignment situations can be more nuanced, so buyers should confirm how their specific contract is treated.

If you’re considering a presale or newly built home, it’s smart to ask early:

• Is the home eligible?

• Is the rebate already built into the pricing or statement of adjustments?

• Will the builder credit it, or will you apply directly?

• What documentation will you need?

These are all questions your realtor, conveyancer, or builder sales team should help you work through.

Why Buyers Should Pay Attention Right Now

This isn’t just another headline — it’s one of the more meaningful buyer-focused changes we’ve seen for new home buyers in Canada recently.

Combined with more stable interest rates and growing inventory in some markets, the GST rebate could create a much stronger buying window for people who previously felt priced out or uncertain.

For buyers who have been waiting, this may be the moment to start exploring:

• What price range actually fits your budget now

• Which new homes may qualify

• How much this rebate could change your monthly or upfront costs

Sometimes the difference between buying “someday” and buying this year comes down to understanding what’s actually available to you.

Thinking About Buying a New Home in BC?

If you’ve been wondering whether this rebate could help you, now is a good time to have that conversation.

Whether you’re just starting your home search or already looking at new construction homes in Surrey, Langley, Maple Ridge, or the Fraser Valley, understanding how the First-Time Home Buyer GST Rebate works could help you make a more informed move.

If you’d like help understanding:

• whether you may qualify,

• which homes may be eligible,

• or how this changes your buying power,

our team would be happy to help.

Steve Kooner & Associates is a trusted real estate team serving Surrey, Langley, Maple Ridge, White Rock, and the Fraser Valley. Specializing in residential real estate, pre-sale developments, and market education, the team is committed to helping buyers and sellers make informed real estate decisions with confidence.

Buying a home is an exciting milestone, but many buyers aren’t sure what actually happens on closing day.

After your offer is accepted and all conditions are removed, closing day is the final step in the real estate transaction. This is when the property officially transfers from the seller to the buyer.

If you're buying a home in Surrey, Langley, Maple Ridge, or anywhere in the Fraser Valley, here’s what you can expect on closing day.

What Is Closing Day in Real Estate?

Closing day is when the legal and financial parts of the transaction are completed.

On closing day:

• Mortgage funds are transferred

• Final paperwork is completed

• The property title is registered

• Ownership officially changes

• The buyer receives the keys

In most BC real estate transactions, the lawyer or notary handles the closing process.

Step 1: Signing Final Documents

Before closing day, buyers meet with their lawyer or notary public to sign the final documents.

These typically include:

• Mortgage documents

• Title transfer paperwork

• Property tax and adjustment statements

• Closing statements

Your lawyer ensures all documents are correct and ready to be registered with the BC Land Title Office.

Step 2: Funds Are Transferred

Once the paperwork is complete, the financial side of the transaction happens.

Your lender will send the mortgage funds to your lawyer or notary.

Buyers must also provide the remaining funds needed to close, including:

• Down payment balance

• Legal fees

• Property tax adjustments

• Closing costs

Once the funds are received, your lawyer transfers the payment to the seller’s legal representative.

Step 3: Title Is Registered

Your lawyer will register the property transfer with the BC Land Title and Survey Authority.

This is the official legal moment when ownership changes from the seller to the buyer.

Once registration is confirmed, the transaction is considered complete.

Step 4: Keys Are Released

After the title is registered and funds are transferred, the buyer receives the keys to the home.

Depending on the purchase agreement, possession usually occurs:

• Later the same day, or

• The following day

This is the moment buyers have been waiting for — the home is officially yours.

What to Do Before Closing Day

Preparing in advance helps ensure everything goes smoothly on closing day.

Arrange Home Insurance

Your lender requires proof of insurance before mortgage funds can be released.

Set Up Utilities

Arrange for services like electricity, gas, internet, and garbage collection.

Send Closing Funds

Your lawyer will advise you how to transfer the remaining funds needed to close.

Confirm Moving Plans

Schedule movers and confirm possession timing so your move-in day goes smoothly.

Closing Day vs Possession Day

Many buyers confuse closing day and possession day, but they are slightly different.

Closing Day

• Legal ownership transfers

• Title is registered

• Funds are transferred

Possession Day

• The buyer receives keys

• The buyer can move into the home

Possession often occurs one day after closing in BC, though timelines can vary depending on the contract.

How a Real Estate Agent Helps During Closing

An experienced real estate professional helps ensure the closing process goes smoothly by:

• Coordinating with lawyers, lenders, and sellers

• Ensuring contract conditions are satisfied

• Helping buyers prepare for closing costs

• Answering questions throughout the transaction

Having the right guidance can make the entire process much less stressful.

Final Thoughts

Closing day is the final step in the home buying process and marks the official transfer of ownership.

While several legal and financial steps happen behind the scenes, understanding the process helps buyers feel confident and prepared.

And once everything is complete, you’ll finally receive the keys to your new home.

💬 Thinking about buying or selling in the Fraser Valley?

Our team is happy to guide you through every step of the process — from the first showing to closing day.