Your first home in BC, without the guesswork.

Canada has a tiered minimum down payment based on purchase price:

• Up to $500,000: 5% down
• $500,000 – $1,500,000: 5% on the first $500K, 10% on the portion above
• $1,500,000+: 20% down minimum (uninsured)

Example: On an $800,000 home, minimum down is $25,000 (5% of first $500K) + $30,000 (10% of next $300K) = $55,000.

BC charges Property Transfer Tax on every real-estate purchase:

• 1% on the first $200,000
• 2% on $200,000 – $2,000,000
• 3% on $2,000,000 – $3,000,000
• 5% on the portion above $3,000,000

First-Time Home Buyers' PTT Exemption:

• Full exemption on homes up to $500,000
• Partial exemption from $500,000 – $835,000 (phases out to $860,000)
• You must be a Canadian citizen or permanent resident, have lived in BC for 12+ months (or filed 2 BC tax returns in the last 6 years), and never have owned a principal residence anywhere in the world

There's also a Newly Built Home Exemption — full exemption up to $1,100,000 on a newly constructed home, regardless of first-time status.

The FHSA is the single best tool for first-time buyers in Canada. Think of it as an RRSP and a TFSA combined:

• Contribute up to $8,000/year, lifetime max $40,000
• Contributions are tax-deductible (like an RRSP)
• Withdrawals for a first home are completely tax-free (like a TFSA)
• Unused room carries forward one year (max $8K carryforward)
• Couples can each open one — so a couple can shelter $80,000 combined

You can withdraw up to $60,000 from your RRSP tax-free to buy your first home (couples: $120,000 combined).

• Funds must have been in the RRSP at least 90 days
• You have 15 years to repay it, starting in year 5 after withdrawal
• Missed repayments become taxable income for that year

If you're buying a newly built home, presale, or substantially renovated home, 5% GST applies to the purchase price. The federal GST New Housing Rebate gives you some of it back:

• Full 36% rebate of GST paid on homes up to $350,000
• Partial rebate phases out between $350,000 and $450,000
• No federal rebate above $450,000 — though builder incentives and new first-time-buyer GST relief programs may apply on higher-priced homes

Most builders will credit the rebate directly to the sale price so you don't front the cash — but always confirm in the contract.

A non-refundable federal tax credit worth up to $1,500 in the year you buy. It's a $10,000 credit claimed at 15% — you or your spouse can claim it, but not both. Free money at tax time; just don't forget to claim it.

Budget 1.5–4% of purchase price for closing costs on top of your down payment:

• Property Transfer Tax (unless exempt — see above)
• Legal fees: $1,200–$2,000 for a lawyer or notary
• Home inspection: $500–$800
• Appraisal: $300–$500 (often covered by the lender)
• Title insurance: $250–$400
• Home & fire insurance: required before funding, first year prepaid
• Property tax & utility adjustments — reimbursing the seller for prepaid amounts
• Moving costs, strata fees, GST (new builds only)

Every Canadian mortgage must qualify at the higher of your contract rate + 2% or 5.25% — the "qualifying rate." You get the actual (lower) rate, but the lender uses the stress-test rate to confirm you could handle a payment increase.

Two ratios matter:

• GDS (Gross Debt Service): mortgage + taxes + heat + 50% of strata ≤ ~39% of gross income
• TDS (Total Debt Service): GDS + all other debts ≤ ~44% of gross income

1. Pre-approval (Day 1–3): We review income, credit, and down payment. You get a rate hold up to 120 days and a maximum purchase price.
2. Shop with confidence: With a realtor (we can introduce you to one through Northstar Realty Group / Engel & Völkers).
3. Offer accepted: You have a "subject period" (typically 5–7 days) to finalize financing and inspections.
4. Full approval: We submit the deal to the best-fit lender, coordinate the appraisal, and get final commitment.
5. Subjects removed: Deposit goes down, deal is firm.
6. Lawyer/notary (~1 week before closing): Sign mortgage documents and pay closing costs.
7. Completion day: Funds transfer, title registers in your name, keys are released.