First-Time Buyers
Your first-home savings plan.
Tell us your age, when you want to buy, and the price range you have in mind. We'll build the monthly savings target — and show how the FHSA and RRSP Home Buyers' Plan help you get there faster.
Your plan
You'll be 33
Projected price then: $869,456
Save this every month
$998
Put $667 in an FHSA, then $332 in a TFSA or high-interest savings account.
Minimum down payment$61,946
BC Property Transfer Tax$15,389
Legal, inspection, appraisal$3,400
Cash you'll need at closing$80,735
FHSA — First Home Savings Account
Contribute up to $8,000/year (lifetime $40,000). Deposits are tax-deductible and withdrawals for your first home are tax-free. Use this first.
RRSP Home Buyers' Plan
Withdraw up to $60,000 from your RRSP for your down payment, tax-free. Repay over 15 years. Great alongside the FHSA.
First-Time Buyer PTT exemption
BC waives Property Transfer Tax on homes up to $500,000, with partial relief up to $860,000. Factored in above.
This is a scenario planner, not a pre-approval. Actual mortgage qualification depends on income, debts, credit, and lender guidelines. Ready to see what you'd qualify for today?