First-Time Home Buyer Guide for British Columbia

Key Takeaways

Congrats on Taking the First Step to Home Ownership!

From saving for a down payment to applying for government incentives, I’ve created this guide for you to break down what you need to get started as a first-time home buyer in British Columbia.

Who Qualifies as a First-Time Home Buyer in BC?

To qualify for most first-time buyer programs in British Columbia, you must:

Note: some programs define “first-time” differently, be sure to check the fine print for individual program rules or reach out and I can lend a hand!

How Much Do I Need for a Down Payment?

In British Columbia (and across Canada), your minimum down payment ultimately depends on the price of the home itself.

First-Time Home Buyer Incentives and Programs in BC

Purchasing a home can feel quite difficult in today’s market, but thankfully, there are several programs out there catered to first-time home buyers, making the process feel a lot more feasible.

So, Should You Use One or All Three?

As a first-time homebuyer in British Columbia, it’s wise to use all of the resources you can. So the best move would be to take advantage of all three programs if you’re eligible. Combining the tax-deductible FHSA, the RRSP Home Buyer’s Plan, and the BC Property Transfer Tax exemption can significantly reduce your upfront costs and long-term taxes. 

In fact, these programs are actually designed to work together, helping you save more, pay less, and making home ownership more achievable. Always consult a mortgage professional to ensure you’re maximizing each benefit based on your situation. I’m always happy to chat, reach out using my contact form, and I’ll answer your questions at no cost within 24 hours!

What Are the Closing Costs?

You’ve saved for your down payment and may have already secured financing - but don’t forget about closing costs. These extra expenses come with finalizing your home purchase and are one-time fees that are due on or before the day you take possession of your new home, and they can add up quickly.

What’s Typically Included in Closing Costs?

As a word of advice, even if you qualify for all the aforementioned programs, you should still budget about 1.5% to 4% of the home’s price for these required but necessary closing costs on completion day.

Get Pre-Approved for a Mortgage

Before you fall in love with your dream home, make sure you know exactly what you can afford. Getting pre-approved for a mortgage is one of the smartest first steps in the homebuying journey.

Here’s why it matters:

Pro Tip: Don’t just settle for the first rate you see. Compare offers from different lenders, or work with a licensed mortgage professional who can shop around for you. I have access to rates from 90+ lenders, including banks, credit unions, and alternative institutions. Even a small difference in interest rate can save you thousands over the life of your mortgage.

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